澳门6合开彩开奖. (ASPU) News /rss The latest news released by 澳门6合开彩开奖. (ASPU) en-us Equisolve Investor Relations Suite https://s3.amazonaws.com/equisolve-dev4/aspen/files/theme/images/logo-sm.png 澳门6合开彩开奖. (ASPU) News /rss 88 31 澳门6合开彩开奖. Amends Debentures /news/detail/459/aspen-group-inc-amends-debentures Thu, 02 May 2024 16:01:00 -0400 /news/detail/459/aspen-group-inc-amends-debentures Converts $10 million of Convertible Debt to Equity

PHOENIX, May 02, 2024 (GLOBE NEWSWIRE) -- 澳门6合开彩开奖. ("AGI" or the 鈥淐ompany鈥) (OTCQB: ASPU), an education technology holding company, today announced it entered into third and fourth amendments to its Senior Secured Debentures issued May 11, 2023 with JGB Management Inc. (鈥淛GB鈥). The amendments, among other things, reduce the Company鈥檚 debt principal repayment obligations by up to nine months, provide for the prepayment of $500,000 of principal utilizing restricted cash, and made the Debentures convertible into common stock at $0.50 per share.

The Company also announced the signing of an agreement with the holders of $10 million of its convertible notes under which the Company issued the holders a new series of preferred stock convertible into common stock at $0.50 per share. The exchange eliminated associated interest and principal payment obligations.

The debenture amendments and convertible notes exchange agreement reduce debt service obligations, strengthen the company鈥檚 balance sheet, and provide it with more financial flexibility to further execute its business operations. For further information, please see the , filed May 2, 2024, on the OTC Markets website.

Michael Mathews, Chairman and CEO of Aspen Group, stated, "We are pleased to announce the successful execution of amendments to our private placement with JGB. Reducing our near-term debt service obligations allows us to maintain a stable cash position while demonstrating our dedication to servicing our debt. Furthermore, exchanging our convertible notes for preferred stock significantly strengthens the equity position on our balance sheet while also further enhancing cash flow by eliminating related cash interest and principal payments. We believe these changes demonstrate financial responsibility and position us to resume growth in Fiscal 2025.鈥

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including our resumption of growth in Fiscal 2025. The words 鈥渂elieve,鈥 鈥渕ay,鈥 鈥渆stimate,鈥 鈥渃ontinue,鈥 鈥渁nticipate,鈥 鈥渋ntend,鈥 鈥渟hould,鈥 鈥減lan,鈥 鈥渃ould,鈥 鈥渢arget,鈥 鈥減otential,鈥 鈥渋s likely,鈥 鈥渨ill,鈥 鈥渆xpect鈥 and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the availability of cash to support resumption of marketing, the effectiveness of the marketing, the state of the economy during fiscal 2025 and successful resolution of ongoing regulatory matters. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

About 澳门6合开彩开奖.

澳门6合开彩开奖. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again. For more information, visit www.aspu.com.

Contact Information:

Hayden IR
Kimberly Rogers
(385) 831-7337


Source: Aspen Group Inc. ]]>
Aspen Group Reports Revenue of $13.8 Million for Second Quarter Fiscal 2024 /news/detail/458/aspen-group-reports-revenue-of-13-8-million-for-second-quarter-fiscal-2024 Thu, 18 Jan 2024 16:01:00 -0500 /news/detail/458/aspen-group-reports-revenue-of-13-8-million-for-second-quarter-fiscal-2024 Q2 Fiscal 2024 Highlights

  • Gross margin increased by 300 basis points to 63%
  • Operating loss improved 66% to ($0.5) million from ($1.5) million
  • Narrowed net loss to ($1.6) million from ($2.3) million
  • 4th consecutive quarter of positive EBITDA; generated positive cash from operations
  • AGI total enrollment grew by 5% YoY and 34% sequentially; USU enrollment rose by 8% YoY

NEW YORK, Jan. 18, 2024 (GLOBE NEWSWIRE) -- 澳门6合开彩开奖. (OTCQB: ASPU) (鈥淎GI鈥 or the "Company"), an education technology holding company, today announced financial results for its second quarter fiscal year 2024 ended October 31, 2023.

Second Quarter Fiscal Year 2024 Summary Results

Three Months Ended October 31, Six Months Ended October 31,
$ in millions, except per share data 2023 2022 2023 2022
Revenue $ 13.8 $ 17.1 $ 28.5 $ 36.0
Gross Profit1 $ 8.7 $ 10.2 $ 18.5 $ 18.4
Gross Margin (%)1 63 % 60 % 65 % 51 %
Operating Income (Loss) $ (0.5 ) $ (1.5 ) $ (0.2 ) $ (4.7 )
Net Income (Loss) $ (1.6 ) $ (2.3 ) $ (2.3 ) $ (6.0 )
Earnings (Loss) per Share $ (0.06 ) $ (0.09 ) $ (0.09 ) $ (0.24 )
EBITDA2 $ 0.4 $ (0.6 ) $ 1.8 $ (2.8 )
Adjusted EBITDA2 $ 1.1 $ 0.5 $ 3.0 $ (0.6 )

_______________________听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
1 GAAP gross profit calculation includes marketing and promotional costs, instructional costs and services, and amortization expense of $0.5 million and $0.5 million, and $1.0 million and $1.0 million for the three and six months ended October 31, 2023 and 2022, respectively.

2 Non-GAAP financial measures. See reconciliations of GAAP to non-GAAP financial measures under 鈥淣on-GAAPFinancial Measures鈥 starting on page 5.

鈥淚n the second quarter of fiscal year 2024, we narrowed our net loss by 30% on a year-over-year basis, delivered our fourth consecutive quarter of positive EBITDA and generated cash from operations,鈥 said Michael Mathews, Chairman and CEO of AGI. 鈥淗ealthcare industry dynamics continue to create high demand for postgraduate nursing degrees from RNs. Notably, enrollments at Aspen University and United States University increased over the past two quarters with minimal internet marketing spend, a testament to the value of our programs and the strength of our university brands. As we near completion of the Aspen University pre-licensure program teach-out, we remain focused on sustaining positive cash flow from operations. We anticipate the pre-licensure teach-out will be substantially completed in Arizona by the end of January and completed in all other states by mid-year 2024.鈥
Mr. Mathews concluded, 鈥淐urrently, we are graduating our final, and largest cohorts from the Phoenix pre-licensure program, and I am thrilled to announce that the NCLEX first-time pass rate in Arizona for the fourth calendar quarter ended December 31, 2023 has increased to 89% (N=93/105). The improvement reflects our ongoing commitments to increased program rigor and improved student test preparation.鈥

Fiscal Q2 2024 Financial and Operational Results (compared to Fiscal Q2 2023)

Revenue decreased by 19% to $13.8 million compared to $17.1 million. The following table presents the Company鈥檚 revenue, both per-subsidiary and total:

Three Months Ended October 31,
2023 $ Change % Change 2022
AU $ 7,293,124 $ (3,048,779 ) (29)% $ 10,341,903
USU 6,535,723 (196,921 ) (3)% 6,732,644
Revenue $ 13,828,847 $ (3,245,700 ) (19)% $ 17,074,547

Aspen University's (鈥淎U鈥) revenue decline of $3.0 million, or 29%, reflects the enrollment stoppage at the pre-licensure program campuses, which accounted for $2.3 million of the decrease, and lower post-licensure enrollments in prior quarters as a result of the decrease in marketing spend initiated in late Q1 Fiscal 2023. The active student body at AU decreased by 29% year-over-year to 5,679 at October 31, 2023 from 7,973 at October 31, 2022.

United States University (鈥淯SU鈥) revenue was down 3% compared to the prior period. MSN-FNP program enrollments decreased in previous quarters due to lower marketing spend initiated in late Q1 Fiscal 2023. Lower enrollments were offset by higher revenue per student driven by more students entering their second year of the MSN-FNP program, which includes clinical rotations, and by tuition increases. The active student body at USU decreased by 8% to 2,733 at October 31, 2023 from 2,984 at October 31, 2022.

GAAP gross profit decreased 15% to $8.7 million compared to $10.2 million primarily due to lower revenue associated with the teach-out of the pre-licensure program.

Gross margin was 63% compared to 60%. AU's gross margin was 61% versus 60%, and USU's gross margin was 67% versus 67%. The increase in gross margin is the result of lower marketing spend and lower instructional costs and services associated with the enrollment stoppage in the pre-licensure program.

AU instructional costs and services represented 31% of AU revenue, and USU instructional costs and services represented 30% of USU revenue. AU marketing and promotional costs represented 3% of AU revenue, and USU marketing and promotional costs represented 2% of USU revenue.

The following tables present the Company鈥檚 net income (loss), both per subsidiary and total:

Three Months Ended October 31, 2023
Consolidated AGI Corporate AU USU
Net income (loss) $ (1,611,813 ) $ (3,807,821 ) $ 581,707 $ 1,614,301
Net loss per share $ (0.06 )


Three Months Ended October 31, 2022
Consolidated AGI Corporate AU USU
Net income (loss) $ (2,293,640 ) $ (5,150,209 ) $ 1,067,885 $ 1,788,684
Net loss per share $ (0.09 )

The following tables present the Company鈥檚 Non-GAAP Financial Measures, both per subsidiary and total. See reconciliations of GAAP to non-GAAP financial measures under 鈥淣on-GAAPFinancial Measures鈥 starting on page 5.

Three Months Ended October 31, 2023
Consolidated AGI Corporate AU USU
EBITDA $419,073 $(2,680,982) $1,339,102 $1,760,953
EBITDA Margin 3% NM 18% 27%
Adjusted EBITDA $1,087,205 $(2,487,843) $1,585,674 $1,989,374
Adjusted EBITDA Margin 8% NM 22% 30%

_____________________
NM 鈥 Not meaningful

Three Months Ended October 31, 2022
Consolidated AGI Corporate AU USU
EBITDA $(603,364) $(4,362,762) $1,852,192 $1,907,206
EBITDA Margin (4)% NM 18% 28%
Adjusted EBITDA $537,339 $(3,726,004) $2,114,530 $2,148,813
Adjusted EBITDA Margin 3% NM 20% 32%

EBITDA improved by $1.0 million in Fiscal Q2 2024 to $0.4 million from a loss of $0.6 million. The improvement was primarily due to cost controls implemented in conjunction with the two restructurings implemented in Fiscal Q2 2023 and Fiscal Q4 2023 and the reduction of marketing spend to maintenance levels initiated in Fiscal Q1 2023. Included in Fiscal Q2 2024 EBITDA are general and administrative spend reductions of approximately $2.5 million, including $1.5 million related to decreased headcount associated with the restructuring plans. Additionally, marketing spend reductions of approximately $0.5 million are included in Q2 2024 EBITDA. Total EBITDA for the last four fiscal quarters was $2.7 million, as depicted in the table below:

Q3'23 Q4'23 Q1'24 Q2'24 TTM
Net loss $ (1,555,040 ) $ (783,954 ) $ (639,438 ) $ (1,611,813 ) $ (4,590,245 )
EBITDA $ 116,162 $ 812,041 $ 1,344,405 $ 419,073 $ 2,691,681

_____________________________
TTM 鈥 Trailing twelve months

Operating Metrics

New Student Enrollments

Total enrollments for AGI increased 5% from Q2 Fiscal `23 and 34% sequentially, despite the reduction in internet advertising spend across all programs to maintenance levels. The increase in enrollments reflects the demand for postgraduate nursing degrees, our unique and affordable monthly payment plans and students obtaining legacy pricing prior to September 2023 tuition price increases. By the end of Fiscal `24, we anticipate the resumption of marketing spend to a level necessary to provide enrollments needed to resume growth of the student body in fiscal 2025 while allowing for the generation of positive operating cash flow.

New student enrollments for the past five quarters are shown below:

Q2'23 Q3'23 Q4'23 Q1'24 Q2'24
Aspen University 784 695 574 626 808
USU 506 374 360 389 548
Total 1,290 1,069 934 1,015 1,356

New student enrollments, bookings and ARPU for Q2鈥24 versus Q2鈥23 are shown below (rounding differences may occur):

First Quarter Bookings1and Average Revenue Per Enrollment (ARPU)1
Q2'23
Enrollments
Q2'23 Bookings1 Q2'24
Enrollments
Q2'24 Bookings1 Percent Change
Total Bookings
& ARPU
1
Aspen University 784 $ 8,450,250 808 $ 6,663,300
USU 506 9,016,920 548 9,765,360
Total 1,290 $ 17,467,170 1,356 $ 16,428,660 (6)%
ARPU $ 13,540 $ 12,116 (11)%

_____________________
1 鈥淏ookings鈥 are defined by multiplying Lifetime Value (LTV) by new student enrollments for each operating unit. 鈥淎RPU鈥 is defined by dividing total Bookings by total new student enrollments for each operating unit.

Total Active Student Body

Total active student body for the past five quarters is shown below:

Q2'23 Q3'23 Q4'23 Q1'24 Q2'24
Aspen University 7,973 7,232 6,670 6,001 5,679
USU 2,984 2,724 2,729 2,590 2,733
Total 10,957 9,956 9,399 8,591 8,412

Nursing Students

As of October 31, 2023, 6,902 of 8,412, or 82%, of all active students across both universities are degree-seeking nursing students. Of the students seeking nursing degrees, 6,624 are RNs studying to earn an advanced degree, including 4,192 at Aspen University and 2,432 at USU. The remaining 278 nursing students are enrolled in Aspen University鈥檚 BSN Pre-licensure program in the Phoenix, Austin, Tampa and Nashville metros. The majority of the year-over-year Aspen University nursing student body decrease is a result of the enrollment stoppage and teach out of the pre-licensure program and the reduction in marketing spend to maintenance levels.

Nursing student body for the past five quarters is shown below.

Q2'23 Q3'23 Q4'23 Q1'24 Q2'24
Aspen University 6,640 5,899 5,392 4,766 4,470
USU 2,752 2,450 2,490 2,349 2,432
Total 9,392 8,349 7,882 7,115 6,902

Liquidity

On October 31, 2023, the Company had unrestricted cash of $1.9 million and restricted cash of $4.1 million. Included in the unrestricted cash balance is $1.5 million related to the Second Amendment to the 15% Debentures under which the purchasers agreed to unrestrict $1.5 million of restricted cash associated with the Debentures. Subsequent to the closing of the quarter, AGI received $1 million from the reduction of the surety bond required by the state of Arizona. Additionally, prior to the end of January 2024, the Company is anticipating a $3.9 million student financial aid reimbursement from the Department of Education (鈥淒oE鈥) which will allow the Company to pay down $1.5 million of the Debenture principal. After the Debenture principal repayment, the unrestricted cash balance is projected to exceed $2.0 million. Variability in the unrestricted cash balance is primarily due to the timing of financial aid reimbursements from the DoE under the Heightened Cash Monitoring 2 (鈥淗CM2鈥) method of financial aid reimbursement.听听 HCM2 requires the Company to make disbursements to students from its own institutional funds, and a request is then submitted to the DoE for reimbursement of those funds.

Cash provided by operations in Q2 Fiscal `24 was $0.4 million due to the receipt of HCM2 payments, and management believes the Company is positioned to continue generating positive operating cash flows during the remainder of Fiscal 2024 as a result of ongoing HCM2 cash receipts and ongoing cost controls. Cash used in operations for the six months ended October 31, 2023 was $4.2 million. The Company generated approximately $0.8 million of cash from the net loss adjusted for non-cash activities and used approximately $5.0 million of cash from changes in working capital primarily related to the timing of HCM2 payments and increased long-term monthly payment plan accounts receivable related to increased enrollments.

Additional Information

For additional information on the financial statements and performance, please refer to the 澳门6合开彩开奖. Quarterly Report for the second quarter of fiscal year 2024 published on the Company鈥檚 website at , or the OTC Markets Aspen Group Quote page under the tab.

Conference Call

澳门6合开彩开奖. will host a conference call to discuss its second quarter fiscal year 2024 results and business outlook on Thursday, January 18, 2024, at 4:30 pm ET. 澳门6合开彩开奖. will issue a press release reporting results after the market closes on that day. The conference call can be accessed by dialing toll-free (877) 704-4453 (U.S.) or (201) 389-0920 (International), passcode 13743216.

Subsequent to the call, a transcript of the audio cast will be available from the Company鈥檚 website at . There will also be a seven-day dial-in replay which can be accessed by dialing toll-free (844) 512-2921 (U.S.) or (412) 317-6671 (International), passcode 13743216.

Non-GAAP 鈥 Financial Measures

This press release includes both financial measures in accordance with Generally Accepted Accounting Principles, or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company鈥檚 performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental to, and should not be considered as alternatives to net income (loss), operating income (loss), and cash flow from operating activities, liquidity or any other financial measures. They may not be indicative of the historical operating results of AGI nor are they intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP.

Our management uses and relies on EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. We believe that management, analysts, and shareholders benefit from referring to the following non-GAAP financial measures to evaluate and assess our core operating results from period-to-period after removing the impact of items that affect comparability. Our management recognizes that the non-GAAP financial measures have inherent limitations because of the excluded items described below.

We have included a reconciliation of our non-GAAP financial measures to the most comparable financial measures calculated in accordance with GAAP. We believe that providing the non-GAAP financial measures, together with the reconciliation to GAAP, helps investors make comparisons between AGI and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measure and the corresponding GAAP measure provided by each.

AGI defines Adjusted EBITDA as EBITDA excluding: (1) bad debt expense; (2) stock-based compensation; (3) severance; and (4) non-recurring charges or income. The following table presents a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA and of net income (loss) margin to the Adjusted EBITDA margin:

Three Months Ended
October 31, 2022 January 31, 2023 April 31, 2023 July 31, 2023 October 31, 2023
Net loss $ (2,293,640 ) $ (1,555,040 ) $ (783,954 ) $ (639,438 ) $ (1,611,813 )
Interest expense, net 708,705 714,801 639,517 936,460 1,040,720
Taxes 46,501 37,249 22,677 84,171 40,076
Depreciation and amortization 935,070 919,152 933,801 963,212 950,090
EBITDA (603,364 ) 116,162 812,041 1,344,405 419,073
Bad debt expense 450,000 450,000 450,000 450,000 450,000
Stock-based compensation 458,336 394,510 387,452 87,449 218,132
Severance 149,043
Non-recurring charges - Other 232,367
Adjusted EBITDA $ 537,339 $ 960,672 $ 1,798,536 $ 1,881,854 $ 1,087,205
Net loss Margin (13)% (12)%
Adjusted EBITDA Margin (3)% 8%

The following tables present a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA and of net income (loss) margin to the Adjusted EBITDA margin by business unit:

Three Months Ended October 31, 2023
Consolidated AGI Corporate AU USU
Net income (loss) $ (1,611,813 ) $ (3,807,821 ) $ 581,707 $ 1,614,301
Interest expense, net 1,040,720 1,040,720
Taxes 40,076 7,997 18,601 13,478
Depreciation and amortization 950,090 78,122 738,794 133,174
EBITDA 419,073 (2,680,982 ) 1,339,102 1,760,953
Bad debt expense 450,000 225,000 225,000
Stock-based compensation 218,132 193,139 21,572 3,421
Adjusted EBITDA $ 1,087,205 $ (2,487,843 ) $ 1,585,674 $ 1,989,374
Net income (loss) Margin (12)% NM 8% 25%
Adjusted EBITDA Margin 8% NM 22% 30%

_____________________
NM 鈥 Not meaningful

Three Months Ended October 31, 2022
Consolidated AGI Corporate AU USU
Net income (loss) $ (2,293,640 ) $ (5,150,209 ) $ 1,067,885 $ 1,788,684
Interest expense, net 708,705 710,237 (1,239 ) (293 )
Taxes 46,501 8,350 27,776 10,375
Depreciation and amortization 935,070 68,860 757,770 108,440
EBITDA (603,364 ) (4,362,762 ) 1,852,192 1,907,206
Bad debt expense 450,000 225,000 225,000
Stock-based compensation 458,336 404,391 37,338 16,607
Non-recurring charges - Other 232,367 232,367
Adjusted EBITDA $ 537,339 $ (3,726,004 ) $ 2,114,530 $ 2,148,813
Net income (loss) Margin (13)% NM 10% 27%
Adjusted EBITDA Margin 3% NM 20% 32%

Definitions

Lifetime Value ("LTV") 鈥 is calculated as the weighted average total amount of tuition and fees paid by every new student that enrolls in the Company鈥檚 universities, after giving effect to attrition.

Bookings 鈥 is defined by multiplying LTV by new student enrollments for each operating unit.

Average Revenue per Enrollment ("ARPU") 鈥 is defined by dividing total bookings by total enrollments.

Adjusted EBITDA Margin 鈥 is defined as Adjusted EBITDA divided by revenue. We believe Adjusted EBITDA margin is useful for management, analysts and investors as this measure allows for a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA margin has certain limitations in that it does not take into account the impact to our consolidated statement of operations of certain expenses.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including our liquidity, receipt of payment from the U.S. Department of Education, our continuing generating positive cash flow from operations, and our estimates as to Lifetime Value, bookings and ARPU, changes in enrollments and the expected use of proceeds from the drawdown under the revolving credit facility. The words 鈥渂elieve,鈥 鈥渕ay,鈥 鈥渆stimate,鈥 鈥渃ontinue,鈥 鈥渁nticipate,鈥 鈥渋ntend,鈥 鈥渟hould,鈥 鈥減lan,鈥 鈥渃ould,鈥 鈥渢arget,鈥 鈥減otential,鈥 鈥渋s likely,鈥 鈥渨ill,鈥 鈥渆xpect鈥 and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the continued demand of nursing students and for new programs, student attrition, national and local economic factors including the potential impact of COVID-19, influenza and other respiratory viruses on the economy, the effectiveness of our future marketing campaigns, our reliance on third parties which may have differing priorities, the continued government spending on healthcare, any regulatory risks including the reauthorization of Aspen University by its accreditor, continued improvement in NCLEX scores, competition from nursing schools in local markets, the competitive impact from the trend of major non-profit universities using online education and consolidation among our competitors. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

About 澳门6合开彩开奖.

澳门6合开彩开奖. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again.

Investor Relations Contact

Kim Rogers
Managing Director
Hayden IR
385-831-7337听

GAAP Financial Statements


ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
October 31, 2023 April 30, 2023
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 1,906,332 $ 1,353,635
Restricted cash 4,100,000 4,370,832
Accounts receivable, net of allowance of $3,862,420 and $3,506,895, respectively 22,654,843 22,121,237
Prepaid expenses 629,040 609,900
Other current assets 4,921,735 3,068,918
Total current assets 34,211,950 31,524,522
Property and equipment:
Computer equipment and hardware 1,643,665 1,655,130
Furniture and fixtures 2,190,450 2,169,090
Leasehold improvements 8,052,440 8,055,363
Instructional equipment 756,568 756,568
Software 12,180,811 11,648,505
24,823,934 24,284,656
Less: accumulated depreciation and amortization (13,765,150 ) (11,922,435 )
Total property and equipment, net 11,058,784 12,362,221
Goodwill 5,011,432 5,011,432
Intangible assets, net 7,900,000 7,900,000
Courseware, net 360,628 291,438
Long-term contractual accounts receivable 17,334,007 13,004,428
Deferred financing costs 73,897
Operating lease right-of-use assets, net 12,585,726 13,431,074
Deposits and other assets 594,566 210,536
Total assets $ 89,057,093 $ 83,809,548


ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (CONTINUED)
October 31, 2023 April 30, 2023
(Unaudited)
Liabilities and 厂迟辞肠办丑辞濒诲别谤蝉鈥 Equity
Liabilities:
Current liabilities:
Accounts payable $ 2,916,185 $ 2,250,902
Accrued expenses 2,921,285 2,355,370
Advances on tuition 2,377,593 2,975,680
Deferred tuition 4,762,952 2,892,333
Due to students 2,535,736 2,624,831
Current portion of long-term debt 4,684,290 5,000,000
Operating lease obligations, current portion 2,497,946 2,502,810
Other current liabilities 688,268 109,328
Total current liabilities 23,384,255 20,711,254
Long-term debt, net 15,535,401 10,000,000
Operating lease obligations, less current portion 16,311,827 17,551,512
Total liabilities 55,231,483 48,262,766
Commitments and contingencies
厂迟辞肠办丑辞濒诲别谤蝉鈥 equity:
Preferred stock, $0.001 par value; 1,000,000 shares authorized,
0 issued and 0 outstanding at October听31, 2023 and April听30, 2023
Common stock, $0.001 par value; 60,000,000 shares authorized,
25,548,046 issued and 25,548,046 outstanding at October听31, 2023
25,592,802 issued and 25,437,316 outstanding at April听30, 2023 24,061 25,593
Additional paid-in capital 112,144,189 113,429,992
Treasury stock (0 shares at October听31, 2023 and 155,486 shares at April听30, 2023) (1,817,414 )
Accumulated deficit (78,342,640 ) (76,091,389 )
Total stockholders鈥 equity 33,825,610 35,546,782
Total liabilities and stockholders鈥 equity $ 89,057,093 $ 83,809,548


ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended October 31, Six Months Ended October 31,
2023 2022 2023 2022
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenue $ 13,828,847 $ 17,074,547 $ 28,468,719 $ 35,968,460
Operating expenses:
Cost of revenue (exclusive of depreciation and amortization shown separately below) 4,584,193 6,347,008 8,977,048 16,552,559
General and administrative 8,371,546 10,883,118 16,842,424 21,415,138
Bad debt expense 450,000 450,000 900,000 800,000
Depreciation and amortization 950,090 935,070 1,913,302 1,856,178
Total operating expenses 14,355,829 18,615,196 28,632,774 40,623,875
Operating loss (526,982 ) (1,540,649 ) (164,055 ) (4,655,415 )
Other income (expense):
Interest expense (1,040,720 ) (710,372 ) (1,977,201 ) (1,291,665 )
Other (expense) income, net (4,035 ) 3,882 14,252 15,291
Total other expense, net (1,044,755 ) (706,490 ) (1,962,949 ) (1,276,374 )
Loss before income taxes (1,571,737 ) (2,247,139 ) (2,127,004 ) (5,931,789 )
Income tax expense 40,076 46,501 124,247 76,822
Net loss $ (1,611,813 ) $ (2,293,640 ) $ (2,251,251 ) $ (6,008,611 )
Net loss per share - basic and diluted $ (0.06 ) $ (0.09 ) $ (0.09 ) $ (0.24 )
Weighted average number of common stock outstanding - basic and diluted 25,548,046 25,282,947 25,557,646 25,242,833


ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended October 31,
2023 2022
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net loss $ (2,251,251 ) $ (6,008,611 )
Adjustments to reconcile net loss to net cash used in operating activities:
Bad debt expense 900,000 800,000
Depreciation and amortization 1,913,302 1,856,178
Stock-based compensation 305,581 504,666
Amortization of warrant-based cost 14,000 14,000
Amortization of deferred financing costs 156,020 269,133
Amortization of debt discounts 193,020 59,000
Non-cash lease benefit (399,201 ) (229,809 )
Common stock issued for services 24,500
Tenant improvement allowances 418,280
Changes in operating assets and liabilities:
Accounts receivable (5,763,185 ) (3,761,463 )
Prepaid expenses (19,140 ) (242,310 )
Other current assets (1,852,817 ) (26,956 )
Deposits and other assets (384,030 ) 41,608
Accounts payable 665,283 921,112
Accrued expenses 565,915 326,053
Due to students (89,095 ) (898,160 )
Advances on tuition and deferred tuition 1,272,532 2,882,106
Other current liabilities 578,940 424,685
Net cash used in operating activities (4,194,126 ) (2,625,988 )
Cash flows from investing activities:
Purchases of courseware and accreditation (120,863 ) (48,532 )
Disbursements for reimbursable leasehold improvements (418,280 )
Purchases of property and equipment (558,565 ) (842,044 )
Net cash used in investing activities (679,428 ) (1,308,856 )
Cash flows from financing activities:
Proceeds from 15% Senior Secured Debentures, net of original issuance discount 11,000,000
Repayment of 2018 Credit Facility (5,000,000 )
Repayment of portion of 15% Senior Secured Debentures (100,000 )
Payments of deferred financing costs (744,581 ) (60,833 )
Payment of commitment fee for 2022 Credit Facility (200,000 )
Proceeds from sale of common stock, net of underwriter costs 9,535
Net cash provided by (used in) financing activities 5,155,419 (251,298 )


ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)
Six Months Ended October 31,
2023 2022
(Unaudited) (Unaudited)
Net increase (decrease) in cash, cash equivalents and restricted cash $ 281,865 $ (4,186,142 )
Cash, cash equivalents and restricted cash at beginning of period 5,724,467 12,916,147
Cash, cash equivalents and restricted cash at end of period $ 6,006,332 $ 8,730,005
Supplemental disclosure of cash flow information:
Cash paid for interest $ 1,639,701 $ 802,167
Cash paid for income taxes $ 24,525 $ 22,522
Supplemental disclosure of non-cash investing and financing activities:
Warrants issued as part of the 15% Senior Secured Debentures $ 154,000 $
Warrants issued as part of the 15% Senior Secured Debentures as amended $ 56,496 $

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying consolidated balance sheet to the total amounts shown in the accompanying unaudited consolidated statements of cash flows:

October 31,
2023 2022
(Unaudited) (Unaudited)
Cash and cash equivalents $ 1,906,332 $ 2,306,480
Restricted cash 4,100,000 6,423,525
Total cash, cash equivalents and restricted cash $ 6,006,332 $ 8,730,005



Source: Aspen Group Inc. ]]>
澳门6合开彩开奖. to Report Financial Results for the Second Quarter of Fiscal Year 2024 on January 18, 2024 /news/detail/457/aspen-group-inc-to-report-financial-results-for-the-second-quarter-of-fiscal-year-2024-on-january-18-2024 Thu, 04 Jan 2024 08:00:00 -0500 /news/detail/457/aspen-group-inc-to-report-financial-results-for-the-second-quarter-of-fiscal-year-2024-on-january-18-2024 NEW YORK, Jan. 04, 2024 (GLOBE NEWSWIRE) -- 澳门6合开彩开奖. (鈥淎spen Group鈥 or 鈥淎GI鈥) (Nasdaq: ASPU), an education technology holding company, today announced that it will report financial results for the period ended October 31, 2023, on Thursday, January 18, 2024 at 4:30 pm ET.

Conference Call Information:

澳门6合开彩开奖. will host a conference call to discuss its second quarter fiscal year 2024 results and business outlook on Thursday, January 18, 2024, at 4:30 pm ET. 澳门6合开彩开奖. will issue a press release reporting results after the market closes on that day. The conference call can be accessed by dialing toll-free (877) 704-4453 (U.S.) or (201) 389-0920 (International), passcode 13743216.

Subsequent to the call, a transcript of the audio cast will be available from the Company鈥檚 website at . There will also be a seven day dial-in replay which can be accessed by dialing toll-free (844) 512-2921 (U.S.) or (412) 317-6671 (International), passcode 13743216.

About 澳门6合开彩开奖.:

澳门6合开彩开奖. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again. For more information, visit .

Investor Relations Contact:

Kimberly Rogers
Hayden IR
(385) 831-7337


Source: Aspen Group Inc. ]]>
澳门6合开彩开奖. Announces Up-listing to OTCQB Market /news/detail/456/aspen-group-inc-announces-up-listing-to-otcqb-market Wed, 18 Oct 2023 08:00:00 -0400 /news/detail/456/aspen-group-inc-announces-up-listing-to-otcqb-market NEW YORK, Oct. 18, 2023 (GLOBE NEWSWIRE) -- 澳门6合开彩开奖. ("AGI") (OTCQB: ASPU), an education technology holding company, today announced its successful up-listing from the OTC Pink Market to the OTCQB Venture Market (the "OTCQB") effective for trading October 18, 2023 at the open. Aspen Group will continue to trade under the ticker symbol "ASPU."

The OTCQB, operated by OTC Markets Group, Inc., is a premier market designed for developing and entrepreneurial companies in the United States and abroad committed to providing investors with improved market visibility to enhance trading liquidity. To be eligible for trading on the OTCQB, companies must be current in their financial reporting with the Securities and Exchange Commission (the "SEC") or OTC Markets Group, Inc., pass a minimum bid price test, maintain audited financials through a PCAOB registered firm, and undergo company verification and management certification on an annual basis.

The OTCQB is operated by the OTC Markets Group and recognized by the SEC as an established public market providing data that investors need to analyze, value and trade securities. Being part of the OTC Markets Group will assist in diversifying Aspen Group's shareholder base worldwide.

Michael Mathews, Chairman and CEO of Aspen Group, stated, "We are pleased to have completed our up-listing to the OTCQB. With additional compliance and quality standards, the OTCQB provides investors with improved visibility to enhance trading decisions. We believe this achievement will increase the exposure of Aspen Group to a broader range of investors."

About 澳门6合开彩开奖.

澳门6合开彩开奖. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again. For more information, visit .

Contact Information:

Hayden IR
Kimberly Rogers
(385) 831-7337


Source: Aspen Group Inc. ]]>
Aspen Group Reports Revenue of $14.6 Million and Operating Income of $0.4 million for First Quarter Fiscal 2024 /news/detail/455/aspen-group-reports-revenue-of-14-6-million-and-operating-income-of-0-4-million-for-first-quarter-fiscal-2024 Fri, 29 Sep 2023 14:14:00 -0400 /news/detail/455/aspen-group-reports-revenue-of-14-6-million-and-operating-income-of-0-4-million-for-first-quarter-fiscal-2024
  • Reduces net loss to $(0.6) million
  • Third consecutive quarter of positive EBITDA; increased to $1.3 million, or 9% margin, in Q1鈥24
  • Gross margin increased to 67% from 43% in the year ago quarter as a result of implementation of restructuring plans
  • New Student Enrollments for Aspen University and USU increased sequentially, reflecting increasing market demand for online nursing programs
  • Secured $12.4 million debt financing in Q1鈥24 before discount, fees and other financing expenses
  • NEW YORK, Sept. 29, 2023 (GLOBE NEWSWIRE) -- 澳门6合开彩开奖. (OTC Pink: ASPU) (鈥淎GI or the Company鈥), an education technology holding company, today announced financial results for its first quarter fiscal year 2024 ended July 31, 2023.

    First Quarter Fiscal Year 2024 Summary Results Three Months Ended July 31,
    $ in millions, except per share data 2023 2022
    Revenue $ 14.6 $ 18.9
    Gross Profit1 $ 9.8 $ 8.2
    Gross Margin (%)1 67 % 43 %
    Operating Income (Loss) $ 0.4 $ (3.1 )
    Net Income (Loss) $ (0.6 ) $ (3.7 )
    Earnings (Loss) per Share $ (0.03 ) $ (0.15 )
    EBITDA2 $ 1.3 $ (2.2 )
    Adjusted EBITDA2 $ 1.9 $ (1.2 )

    _______________________听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
    1 GAAP gross profit calculation includes marketing and promotional costs, instructional costs and services, and amortization expense of $0.5 million and $0.5 million for the three months ended July 31, 2023 and 2022, respectively.

    2 Non-GAAP financial measures. See reconciliations of GAAP to non-GAAP financial measures under "Non-GAAPFinancial Measures" starting on page 5.


    鈥淎spen Group has made remarkable progress on the bottom line by delivering our third consecutive quarter of reduced net loss, resulting in record positive EBITDA of $1.3 million in the fiscal first quarter,鈥 said Michael Mathews, Chairman and CEO of AGI. 鈥淲e continue to position our operational business units for sustainable growth as we wind down our pre-licensure campuses. Our near-term strategy focuses on revitalizing our post-licensure nursing programs by working through our existing pipeline and benefiting from the strong demand for these degrees. In addition, enrollments in the quarter increased sequentially at both Aspen University and USU, and we are anticipating record fall post-licensure nursing enrollments for both universities. Our near-term financial goals are to maintain positive EBITDA and neutral to slightly positive cash flow from operations during the remainder of fiscal year 2024.鈥

    Fiscal Q1 2024 Financial and Operational Results (compared to Fiscal Q1 2023)

    Revenue decreased 23% to $14.6 million compared to $18.9 million. The following table presents the Company鈥檚 revenue, both per subsidiary and total:

    Three Months Ended July 31,
    2023 $ Change % Change 2022
    AU $ 7,722,925 $ (4,225,169 ) (35)% $ 11,948,094
    USU 6,916,947 (28,872 ) 鈥% 6,945,819
    Revenue $ 14,639,872 $ (4,254,041 ) (23)% $ 18,893,913


    Aspen University (鈥淎U鈥) revenue decline of $4.2 million or 35% reflects the enrollment stoppage at the pre-licensure program campuses, which accounted for $2.8 million of the decrease, and lower post-licensure enrollments from the effect of decreased marketing spend initiated late in Q1 Fiscal 2023. The active student body at AU decreased by 34% year-over-year to 6,001 at July听31, 2023 from 9,133 at July听31, 2022.

    United States University (鈥淯SU鈥) revenue was flat compared to the prior period. MSN-FNP program enrollments decreased due to lower marketing spend initiated in late Q1 Fiscal 2023. Lower enrollments were offset by higher revenue per student driven by more students entering their second year of the MSN-FNP program, which includes clinical rotations. The active student body at USU decreased by 11% to 2,590 at July听31, 2023 from 2,915 at July听31, 2022.

    GAAP gross profit increased 19% to $9.8 million compared to $8.2 million due primarily to lower cost of revenue associated with the decrease in marketing spend beginning in Q1 Fiscal 2023. Gross margin was 67% compared to 43%. AU gross margin was 62% versus 39%, and USU gross margin was 72% versus 56%.

    AU instructional costs and services represented 33% of AU revenue, and USU instructional costs and services represented 27% of USU revenue. AU marketing and promotional costs represented less than 1% of AU revenue, and USU marketing and promotional costs represented less than 1% of USU revenue.

    The following tables present the Company鈥檚 net (loss) income, both per subsidiary and total:

    Three Months Ended July 31, 2023
    Consolidated AGI Corporate AU USU
    Net income (loss) $ (639,438 ) $ (3,805,601 ) $ 646,376 $ 2,519,787
    Net loss per share $ (0.03 )


    Three Months Ended July 31, 2022
    Consolidated AGI Corporate AU USU
    Net income (loss) $ (3,714,971 ) $ (4,898,587 ) $ (209,429 ) $ 1,393,045
    Net loss per share $ (0.15 )


    The following tables present the Company鈥檚 Non-GAAP measures, both per subsidiary and total. See reconciliations of GAAP to non-GAAP financial measures under 鈥淣on-GAAPFinancial Measures鈥 starting on page 5.

    Three Months Ended July 31, 2023
    Consolidated AGI Corporate AU USU
    EBITDA $1,344,405 $(2,738,712) $1,427,102 $2,656,015
    EBITDA Margin 9% NM 18% 38%
    Adjusted EBITDA $1,881,854 $(2,691,840) $1,685,160 $2,888,534
    Adjusted EBITDA Margin 13% NM 22% 42%

    ________________________________
    NM - Not meaningful

    Three Months Ended July 31, 2022
    Consolidated AGI Corporate AU USU
    EBITDA $(2,182,962) $(4,242,266) $549,458 $1,509,846
    EBITDA Margin (12)% NM 5% 22%
    Adjusted EBITDA $(1,176,700) $(3,657,664) $826,382 $1,654,582
    Adjusted EBITDA Margin (6)% NM 7% 24%


    EBITDA improved by $3.5 million in Fiscal Q1 2024 to $1.3 million from a loss of $2.2 million. The improvement was primarily due to cost controls implemented in conjunction with the two restructurings implemented in Fiscal Q2 2023 and Fiscal Q4 2023 and the reduction of marketing spend to maintenance levels initiated in Fiscal Q1 2023. Included in Fiscal Q1 2024 EBITDA are general and administrative spend reductions of approximately $1.5 million related to decreased headcount associated with the restructuring plans and marketing spend reductions of $4.5 million. Fiscal Q1 2024 is the third consecutive quarter of increased positive EBITDA. EBITDA for the last four fiscal quarters is as follows:

    Q2'23 Q3'23 Q4'23 Q1'24
    Net loss $ (2,293,640 ) $ (1,555,040 ) $ (783,954 ) $ (639,438 )
    EBITDA $ (603,364 ) $ 116,162 $ 812,041 $ 1,344,405


    Operating Metrics

    New Student Enrollments

    New student enrollments at AU decreased 28% year-over-year and at USU decreased 13% year-over-year reflecting lower marketing advertising spend across all programs to maintenance levels. We anticipate the resumption of marketing spend in the second half of fiscal 2024 at a level which management believes will be necessary to provide enrollments needed to grow the student body and allow for the generation of positive operating cash flow.

    New student enrollments for the past five quarters are shown below:

    Q1'23 Q2'23 Q3'23 Q4'23 Q1'24
    Aspen University 868 784 695 574 626
    USU 447 506 374 360 389
    Total 1,315 1,290 1,069 934 1,015

    New student enrollments, bookings and ARPU for Q1鈥24 versus Q1鈥23 are shown below (rounding differences may occur):

    First Quarter Bookings1 and Average Revenue Per Enrollment (ARPU)1
    Q1'23 Enrollments Q3'22 Bookings 1 Q1'24 Enrollments Q3'23 Bookings 1 Percent Change Total Bookings & ARPU 1
    Aspen University 868 $ 10,882,200 626 $ 5,115,600
    USU 447 $ 7,965,540 389 $ 6,931,980
    Total 1,315 $ 18,847,740 1,015 $ 12,047,580 (36)%
    ARPU $ 14,333 $ 11,870 (17)%

    _____________________
    1 鈥淏ookings鈥 are defined by multiplying LTV by new student enrollments for each operating unit. 鈥淎RPU鈥 is defined by dividing total Bookings by total new student enrollments for each operating unit.


    Total Active Student Body

    Total active student body for the past five quarters is shown below:

    Q1'23 Q2'23 Q3'23 Q4'23 Q1'24
    Aspen University 9,133 7,973 7,232 6,670 6,001
    USU 2,915 2,984 2,724 2,729 2,590
    Total 12,048 10,957 9,956 9,399 8,591


    Nursing Students

    As of July听31, 2023, 7,115 of 8,591 or 83% of all active students across both universities are degree-seeking nursing students. Of the students seeking nursing degrees, 6,765 are RNs studying to earn an advanced degree, including 4,416 at Aspen University and 2,349 at USU. The remaining 350 nursing students are enrolled in Aspen University鈥檚 BSN Pre-licensure program in the Phoenix, Austin, Tampa and Nashville metros. The majority of the year-over-year Aspen University nursing student body decrease is a result of the enrollment stoppage and teach out of the pre-licensure program and the reduction in marketing spend to maintenance levels.

    Nursing student body for the past five quarters is shown below:

    Q1'23 Q2'23 Q3'23 Q4'23 Q1'24
    Aspen University 7,686 6,640 5,899 5,392 4,766
    USU 2,708 2,752 2,450 2,490 2,349
    Total 10,394 9,392 8,349 7,882 7,115


    Liquidity

    At July 31, 2023, the Company had unrestricted cash of $0.2 million and restricted cash of $5.8 million. As of September 28, 2023, the Company鈥檚 unrestricted cash balance had increased to $1.9 million. Variability in our unrestricted cash balance is due to the timing of financial aid reimbursements from the DoE.

    On February 8, 2023, AU received notification from the DoE that effective February 7, 2023 the DoE had placed AU on the HCM2 method of financial aid reimbursement. Under the HCM2 method of payment, AU may continue to obligate funds under the federal student financial assistance programs. A school placed on HCM2 no longer receives funds under the Advance Payment Method. After a school on HCM2 makes disbursements to students from its own institutional funds, a request must be submitted to the DoE for reimbursement of those funds. The transition to HCM2 created variability in our unrestricted cash balance because receipt of the first payment under the program is generally delayed due to extended DoE review time.听 In August 2023 and September 2023, we received the second and third reimbursement payments under HCM2 of approximately $2.9 million and $1.9 million, respectively, which substantially increased our unrestricted cash balance.听Consequently, now that AU has received three payments under HCM2, we have experienced shorter review times.

    On May 12, 2023, in order to provide liquidity for the transition to HCM2, the Company entered into a Securities Purchase Agreement pursuant to which it sold approximately $12.4 million in the aggregate principal amount of 15% Senior Secured Debentures (鈥淒ebentures鈥) and five-year warrants for total gross proceeds of approximately $11 million, representing an 11% original issue discount on the Debentures, before deducting offering fees and expenses. Approximately $5 million of the proceeds from the offering were used to repay outstanding borrowings under the Company鈥檚 prior credit facility dated November 5, 2018, $2.0 million is required to be kept as restricted cash, and after paying fees and expenses associated with this offering, the remaining proceeds are being used for working capital needs.

    Cash flow used in operations for the quarter ended July 31, 2023 was $4.6 million. We generated approximately $0.8 million of cash from our net loss adjusted for non-cash activities, and we used approximately $5.4 million of cash from changes in working capital primarily related to the timing of HCM2 payments and increased long-term monthly payment plan accounts receivable. The use of cash from working capital changes is expected to change to a source of cash in our fiscal second quarter due to the receipt of the second, third and possibly the fourth HCM2 payments. Management believes the Company is positioned to generate positive operating cash flow during the remainder of Fiscal 2024 as a result of ongoing cost controls and the two restructuring plans implemented in Fiscal 2023.

    Additional Information

    For additional information on the financial statements and performance, please refer to the 澳门6合开彩开奖. Quarterly Report for the first quarter of fiscal year 2024 published on the Company鈥檚 website at www.aspu.com, on the All OTC Filings page under Financial Info.

    Non-GAAP 鈥 Financial Measures

    This press release includes both financial measures in accordance with Generally Accepted Accounting Principles, or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company鈥檚 performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental to, and should not be considered as alternatives to net income (loss), operating income (loss), and cash flow from operating activities, liquidity or any other financial measures. They may not be indicative of the historical operating results of AGI nor are they intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP.

    Our management uses and relies on EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. We believe that management, analysts, and shareholders benefit from referring to the following non-GAAP financial measures to evaluate and assess our core operating results from period-to-period after removing the impact of items that affect comparability. Our management recognizes that the non-GAAP financial measures have inherent limitations because of the excluded items described below.

    We have included a reconciliation of our non-GAAP financial measures to the most comparable financial measures calculated in accordance with GAAP. We believe that providing the non-GAAP financial measures, together with the reconciliation to GAAP, helps investors make comparisons between AGI and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measure and the corresponding GAAP measure provided by each.

    AGI defines Adjusted EBITDA as EBITDA excluding: (1) bad debt expense; (2) stock-based compensation; and (3) non-recurring charges or income. The following table presents a reconciliation of net loss to EBITDA and Adjusted EBITDA and of net income (loss) margin to the Adjusted EBITDA margin:

    Three Months Ended
    July 31, 2022 October 31, 2022 January 31, 2023 April 31, 2023 July 31, 2023
    Net loss $ (3,714,971 ) $ (2,293,640 ) $ (1,555,040 ) $ (783,954 ) $ (639,438 )
    Interest expense, net 580,580 708,705 714,801 639,517 936,460
    Taxes 30,321 46,501 37,249 22,677 84,171
    Depreciation and amortization 921,108 935,070 919,152 933,801 963,212
    EBITDA (2,182,962 ) (603,364 ) 116,162 812,041 1,344,405
    Bad debt expense 350,000 450,000 450,000 450,000 450,000
    Stock-based compensation 46,330 458,336 394,510 387,452 87,449
    Severance 125,000 149,043
    Non-recurring charges (income) - Other 484,932 232,367
    Adjusted EBITDA $ (1,176,700 ) $ 537,339 $ 960,672 $ 1,798,536 $ 1,881,854
    Net loss Margin (20)% (4)%
    Adjusted EBITDA Margin (6)% 13%


    The following tables present a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA and of net income (loss) margin to the Adjusted EBITDA margin by business unit:

    Three Months Ended July 31, 2023
    Consolidated AGI Corporate AU USU
    Net income (loss) $ (639,438 ) $ (3,805,601 ) $ 646,376 $ 2,519,787
    Interest expense, net 936,460 936,481 (6 ) (15 )
    Taxes 84,171 54,766 19,425 9,980
    Depreciation and amortization 963,212 75,642 761,307 126,263
    EBITDA 1,344,405 (2,738,712 ) 1,427,102 2,656,015
    Bad debt expense 450,000 225,000 225,000
    Stock-based compensation 87,449 46,872 33,058 7,519
    Adjusted EBITDA $ 1,881,854 $ (2,691,840 ) $ 1,685,160 $ 2,888,534
    Net income (loss) Margin (4)% NM 8% 36%
    Adjusted EBITDA Margin 13% NM 22% 42%

    ________________________________
    NM - Not meaningful

    Three Months Ended July 31, 2022
    Consolidated AGI Corporate AU USU
    Net income (loss) $ (3,714,971 ) $ (4,898,587 ) $ (209,429 ) $ 1,393,045
    Interest expense, net 580,580 581,279 (578 ) (121 )
    Taxes 30,321 5,600 14,721 10,000
    Depreciation and amortization 921,108 69,442 744,744 106,922
    EBITDA (2,182,962 ) (4,242,266 ) 549,458 1,509,846
    Bad debt expense 350,000 225,000 125,000
    Stock-based compensation 46,330 (25,330 ) 51,924 19,736
    Severance 125,000 125,000
    Non-recurring charges - Other 484,932 484,932
    Adjusted EBITDA $ (1,176,700 ) $ (3,657,664 ) $ 826,382 $ 1,654,582
    Net income (loss) Margin (20)% NM (2)% 20%
    Adjusted EBITDA Margin (6)% NM 7% 24%


    Definitions

    Lifetime Value ("LTV") 鈥 is the weighted average total amount of tuition and fees paid by every new student that enrolls in the Company鈥檚 universities, after giving effect to attrition.

    Bookings 鈥 defined by multiplying LTV by new student enrollments for each operating unit.

    Average Revenue per Enrollment ("ARPU") 鈥 defined by dividing total Bookings by total enrollments for each operating unit.

    Adjusted EBITDA Margin 鈥 defined as Adjusted EBITDA divided by revenue. We believe Adjusted EBITDA margin is useful for management, analysts and investors as this measure allows for a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA margin has certain limitations in that it does not take into account the impact to our consolidated statement of operations of certain expenses.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our perceived positioning for substantial growth, anticipated trends including with respect to future demand for nurses, anticipated record fall enrollments for both universities, our goal to maintain positive EBITDA and improved cash flow, the planned marketing spend in fiscal year 2024, and our liquidity. All statements other than statements of historical facts contained in this report, including statements regarding our future financial position, liquidity, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words 鈥渂elieve,鈥 鈥渕ay,鈥 鈥渆stimate,鈥 鈥渃ontinue,鈥 鈥渁nticipate,鈥 鈥渋ntend,鈥 鈥渟hould,鈥 鈥減lan,鈥 鈥渃ould,鈥 鈥渢arget,鈥 鈥減otential,鈥 鈥渋s likely,鈥 鈥渨ill,鈥 鈥渆xpect鈥 and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors, uncertainties and risks that may cause actual results to differ materially from these forward-looking statements include, without limitation, our ability to enroll new students and generate revenue given the prior sharp reduction in marketing, the continued demand of nursing students for our programs, our ability to successfully resolve the regulatory matters involving agencies in Arizona and elsewhere, our ability to maintain and grow enrollments in our active programs with increased marketing, the continued attraction of online learning as the COVID-19 pandemic has receded, student attrition, national and local economic factors including a possible recession and increasing unemployment, uncertainties arising from high inflation, Federal Reserve interest rate increases, the banking crisis, and the Russian invasion of Ukraine including its effect on the U.S. economy, the competitive impact from the trend of major non-profit universities using online education and consolidation among our competitors, the timing of DOE payments, regulatory risks including those related to the Arizona Board of Nursing actions which caused us to agree to teach out our pre-licensure students and the myriad of risks which may affect our ability to maintain our operations, advance our business plan, manage our costs, grow our revenue, and repay our obligations as and when they come due. Further information on the risks and uncertainties affecting our business is contained in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended April 30, 2022. However, we no longer file reports with the SEC, and we undertake no obligation to publicly update or revise any forward-looking statements, nor the risks and uncertainties which qualify them, whether as the result of new information, future events or otherwise. Investors are also urged to review our periodic reports made with the OTC Markets Group, Inc., which we also make available on our corporate website.

    About 澳门6合开彩开奖.

    澳门6合开彩开奖. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again.

    Investor Relations Contact

    Kim Rogers
    Managing Director
    Hayden IR
    385-831-7337听


    GAAP Financial Statements

    ASPEN GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    July 31, 2023 April 30, 2023
    (Unaudited)
    Assets
    Current assets:
    Cash and cash equivalents $ 217,370 $ 1,353,635
    Restricted cash 5,839,400 4,370,832
    Accounts receivable, net of allowance of $3,554,460 and $3,506,895, respectively 21,820,749 22,121,237
    Prepaid expenses 644,023 609,900
    Other current assets 6,279,155 3,068,918
    Total current assets 34,800,697 31,524,522
    Property and equipment:
    Computer equipment and hardware 1,655,130 1,655,130
    Furniture and fixtures 2,190,450 2,169,090
    Leasehold improvements 8,055,363 8,055,363
    Instructional equipment 756,568 756,568
    Software 11,913,878 11,648,505
    24,571,389 24,284,656
    Less: accumulated depreciation and amortization (12,855,415 ) (11,922,435 )
    Total property and equipment, net 11,715,974 12,362,221
    Goodwill 5,011,432 5,011,432
    Intangible assets, net 7,900,000 7,900,000
    Courseware, net 294,125 291,438
    Long-term contractual accounts receivable 15,770,141 13,004,428
    Deferred financing costs 148,867 73,897
    Operating lease right-of-use assets, net 13,017,763 13,431,074
    Deposits and other assets 781,550 210,536
    Total assets $ 89,440,549 $ 83,809,548


    ASPEN GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS (CONTINUED)
    July 31, 2023 April 30, 2023
    (Unaudited)
    Liabilities and 厂迟辞肠办丑辞濒诲别谤蝉鈥 Equity
    Liabilities:
    Current liabilities:
    Accounts payable $ 2,430,943 $ 2,250,902
    Accrued expenses 2,570,229 2,355,370
    Advances on tuition 2,987,470 2,975,680
    Deferred tuition 3,693,180 2,892,333
    Due to students 2,810,861 2,624,831
    Current portion of long-term debt 5,000,000
    Operating lease obligations, current portion 2,500,317 2,502,810
    Other current liabilities 21,011 109,328
    Total current liabilities 17,014,011 20,711,254
    Long-term debt, net 20,326,771 10,000,000
    Operating lease obligations, less current portion 16,943,973 17,551,512
    Total liabilities 54,284,755 48,262,766
    Commitments and contingencies
    厂迟辞肠办丑辞濒诲别谤蝉鈥 equity:
    Preferred stock, $0.001 par value; 1,000,000 shares authorized,
    0 issued and 0 outstanding at July听31, 2023 and April听30, 2023
    Common stock, $0.001 par value; 60,000,000 shares authorized,
    25,548,046 issued and 25,548,046 outstanding at July听31, 2023
    25,592,802 issued and 25,437,316 outstanding at April听30, 2023 24,061 25,593
    Additional paid-in capital 111,862,560 113,429,992
    Treasury stock (0 shares at July听31, 2023 and 155,486 shares at April听30, 2023) (1,817,414 )
    Accumulated deficit (76,730,827 ) (76,091,389 )
    Total stockholders鈥 equity 35,155,794 35,546,782
    Total liabilities and stockholders鈥 equity $ 89,440,549 $ 83,809,548


    ASPEN GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    Three Months Ended July 31,
    2023 2022
    (Unaudited) (Unaudited)
    Revenue $ 14,639,872 $ 18,893,913
    Operating expenses:
    Cost of revenue (exclusive of depreciation and amortization shown separately below) 4,392,855 10,205,551
    General and administrative 8,470,878 10,532,020
    Bad debt expense 450,000 350,000
    Depreciation and amortization 963,212 921,108
    Total operating expenses 14,276,945 22,008,679
    Operating income (loss) 362,927 (3,114,766 )
    Other income (expense):
    Interest expense (936,481 ) (581,293 )
    Other income, net 18,287 11,409
    Total other expense, net (918,194 ) (569,884 )
    Loss before income taxes (555,267 ) (3,684,650 )
    Income tax expense 84,171 30,321
    Net loss $ (639,438 ) $ (3,714,971 )
    Net loss per share - basic and diluted $ (0.03 ) $ (0.15 )
    Weighted average number of common stock outstanding - basic and diluted 25,567,351 25,202,278


    ASPEN GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    Three Months Ended July 31,
    2023 2022
    (Unaudited) (Unaudited)
    Cash flows from operating activities:
    Net loss $ (639,438 ) $ (3,714,971 )
    Adjustments to reconcile net loss to net cash used in operating activities:
    Bad debt expense 450,000 350,000
    Depreciation and amortization 963,212 921,108
    Stock-based compensation 87,449 46,330
    Amortization of warrant-based cost 7,000 7,000
    Amortization of deferred financing costs 73,174 67,068
    Amortization of debt discounts 77,208 33,890
    Non-cash lease benefit (196,720 ) (158,410 )
    Changes in operating assets and liabilities:
    Accounts receivable (2,915,225 ) (1,713,462 )
    Prepaid expenses (34,123 ) (386,930 )
    Other current assets (3,210,237 ) (240,073 )
    Deposits and other assets (571,014 ) 11,883
    Accounts payable 180,041 (41,754 )
    Accrued expenses 214,859 325,524
    Due to students 186,030 (100,102 )
    Advances on tuition and deferred tuition 812,637 355,619
    Other current liabilities (88,317 ) 621,087
    Net cash used in operating activities (4,603,464 ) (3,616,193 )
    Cash flows from investing activities:
    Purchases of courseware and accreditation (28,020 ) (15,500 )
    Purchases of property and equipment (291,632 ) (476,833 )
    Net cash used in investing activities (319,652 ) (492,333 )
    Cash flows from financing activities:
    Proceeds from 15% Senior Secured Debentures, net of original issuance discount 11,000,000
    Repayment of 2018 Credit Facility (5,000,000 )
    Payments of deferred financing costs (744,581 )
    Net cash provided by financing activities 5,255,419


    ASPEN GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
    (Unaudited)
    Three Months Ended July 31,
    2023 2022
    (Unaudited) (Unaudited)
    Net increase (decrease) in cash, cash equivalents and restricted cash $ 332,303 $ (4,108,526 )
    Cash, cash equivalents and restricted cash at beginning of period 5,724,467 12,916,147
    Cash, cash equivalents and restricted cash at end of period $ 6,056,770 $ 8,807,621
    Supplemental disclosure cash flow information:
    Cash paid for interest $ 671,031 $ 416,164
    Cash paid for income taxes $ 59,172 $ 4,721
    Supplemental disclosure of non-cash investing and financing activities:
    Warrants issued as part of the 15% Senior Secured Debentures $ 154,000 $


    The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying consolidated balance sheet to the total amounts shown in the accompanying unaudited consolidated statements of cash flows:

    July 31,
    2023 2022
    (Unaudited) (Unaudited)
    Cash and cash equivalents $ 217,370 $ 2,374,224
    Restricted cash 5,839,400 6,433,397
    Total cash, cash equivalents and restricted cash $ 6,056,770 $ 8,807,621

    Source: Aspen Group Inc. ]]>
    澳门6合开彩开奖. Announces Closing of $12.4 Million Private Placement /news/detail/454/aspen-group-inc-announces-closing-of-12-4-million-private-placement Tue, 16 May 2023 16:01:00 -0400 /news/detail/454/aspen-group-inc-announces-closing-of-12-4-million-private-placement NEW YORK, May 16, 2023 (GLOBE NEWSWIRE) -- 澳门6合开彩开奖. ("AGI") (OTC Pink: ASPU), an education technology holding company, today announced that it has closed on a private placement of debentures with JGB Management Inc. for gross proceeds of $12.4 million, before an 11% original issue discount, fees and other financing expenses, from the issuance of a senior secured debenture. AGI also issued the investors a total of 2.2 million five-year warrants. The Company intends to use the proceeds from the private placement to refinance existing debt and for working capital purposes.

    Michael Mathews, Chairman and CEO of Aspen Group, stated, "We are thrilled to announce the successful closure of this financing with the JGB team, which has significantly improved Aspen Group's financial position. This will enable us to effectively manage changes in the timing of financial aid-related cash flow and pay off our outstanding $5 million line of credit. As we continue to work towards achieving our goals, marketing is a key catalyst to increasing enrollment in our highly sought-after Aspen University post-licensure nursing degree programs and USU鈥檚 MSN-FNP (Family Nurse Practitioner) degree program, among others. With the implementation of cost reductions which improves our cash flow from operations, we now have the opportunity to increase our marketing budget and position the company to continue maintaining a positive Adjusted EBITDA."

    The 36-month debentures, issued on May 11, 2023, bear interest at 15% per annum, are paid monthly, and are not convertible. The AGI鈥檚 obligations under the debentures are secured by substantially all of AGI鈥檚 and its subsidiaries鈥 assets. The debentures also contain customary affirmative and negative covenants, events of defaults and other customary terms for senior secured debentures. Each warrant entitles the holder to purchase one share of the company鈥檚 common stock at an exercise price of US $0.01 per share for five-years following the closing date of the offering.

    The company has filed its Quarterly Report on Form 10-Q for the three months ended January 31, 2023, with the Securities and Exchange Commission today, May 16, 2023. for further details on the terms and covenants related to this financing agreement, please refer to the footnote section in the 10-Q.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the plan to increase marketing and continue to achieve positive Adjusted EBITDA. The words 鈥渂elieve,鈥 鈥渕ay,鈥 鈥渆stimate,鈥 鈥渃ontinue,鈥 鈥渁nticipate,鈥 鈥渋ntend,鈥 鈥渟hould,鈥 鈥減lan,鈥 鈥渃ould,鈥 鈥渢arget,鈥 鈥減otential,鈥 鈥渋s likely,鈥 鈥渨ill,鈥 鈥渆xpect鈥 and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include our ability to enroll new students and generate revenue from our new marketing program, the impact of a declining economy, inflation, higher interest rates, the banking crisis, the continued attraction of online learning as COVID-19 has receded, student attrition, the competitive impact from the trend of non-profit universities using online education and consolidation among our competitors. Other risks are included in our filings with the SEC including our Form 10-K for the year ended April 30, 2022. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    About 澳门6合开彩开奖.

    澳门6合开彩开奖. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again. For more information, visit .

    Contact Information:

    Hayden IR
    Kimberly Rogers
    (385) 831-7337


    Source: Aspen Group Inc. ]]>
    Aspen University Executes Amendment to September 2022 Consent Agreement with the Arizona Board of Nursing that Permits the Teach-Out of its BSN Pre-Licensure Program to Continue /news/detail/453/aspen-university-executes-amendment-to-september-2022-consent-agreement-with-the-arizona-board-of-nursing-that-permits-the-teach-out-of-its-bsn-pre-licensure-program-to-continue Mon, 27 Mar 2023 08:00:00 -0400 /news/detail/453/aspen-university-executes-amendment-to-september-2022-consent-agreement-with-the-arizona-board-of-nursing-that-permits-the-teach-out-of-its-bsn-pre-licensure-program-to-continue NEW YORK, March 27, 2023 (GLOBE NEWSWIRE) -- 澳门6合开彩开奖. (鈥淎spen Group鈥 or 鈥淎GI鈥) (Nasdaq: ASPU), an education technology holding company, today announced that Aspen University, Inc. (鈥淎spen鈥) a subsidiary of 澳门6合开彩开奖., entered into an Amendment to the September 2022 Consent Agreement with the Arizona Board of Nursing (鈥渢he Board鈥) that permits the teach-out of the BSN Pre-licensure program to continue. Following execution of the Amendment, Aspen issued the following statement:

    Aspen University Statement
    March 24, 2023

    On the evening of March 23, 2023, Aspen University and the Arizona Board of Nursing (鈥渢he Board鈥) signed an Amendment to the September 2022 Consent Agreement that permits the teach-out of the BSN Pre-licensure program to continue. On behalf of the Pre-licensure students and university administration, we are appreciative to the Board for the opportunity to move forward.

    Aspen is committed to working closely with the Board, our Consultant and Ombudsperson to ensure that the program 鈥減rovides minimum instruction and learning opportunities, including clinical opportunities, to meet basic standards of educational practice and legal requirements,鈥 as required by the Consent Agreement. We are thankful to be able to establish a process by which we can work cooperatively with the Board to address any concerns about the program they may have.

    We are deeply grateful to students who have tirelessly advocated for their education, our supportive Governor and Legislators, and all others who have assisted in this effort.

    About 澳门6合开彩开奖.:

    澳门6合开彩开奖. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again. For more information, visit .

    Investor Relations Contact:

    Kimberly Rogers
    Hayden IR
    (385) 831-7337


    Source: Aspen Group Inc. ]]>
    澳门6合开彩开奖. Announces Voluntary Delisting from the Nasdaq Capital Market /news/detail/452/aspen-group-inc-announces-voluntary-delisting-from-the-nasdaq-capital-market Mon, 13 Mar 2023 16:01:00 -0400 /news/detail/452/aspen-group-inc-announces-voluntary-delisting-from-the-nasdaq-capital-market NEW YORK, March 13, 2023 (GLOBE NEWSWIRE) -- 澳门6合开彩开奖. ("AGI") (Nasdaq: ASPU), an education technology holding company, today announced that it has given formal notice to the Nasdaq Stock Market of its intention to voluntarily delist its common stock from the Nasdaq Capital Market and to deregister its common stock under Section 12(b) of the Securities Exchange Act of 1934 (the 鈥淓xchange Act鈥).

    The Company currently anticipates that it will file with the Securities and Exchange Commission (the 鈥淪EC鈥) a Form 25, Notification of Removal of Listing and/or Registration Under Section 12(b) the Exchange Act, relating to the delisting and deregistration on or about March 23, 2023, with the delisting of its common stock taking effect no earlier than ten days thereafter. As a result, the Company expects that the last trading day of its common stock on the Nasdaq Capital Market will be on or about March 31, 2023. Further, on or about April 30, 2023, the Company intends to file a Form 15 with the SEC to suspend the Company's reporting obligations under Section 15(d) of the Exchange Act.

    The Company anticipates significant financial savings as a result of this decision. In addition, delisting and deregistration provide several benefits to the Company and its stockholders including lower operating costs, reduced management time commitment for compliance and reporting activities, and a simplified corporate governance structure.

    The Company expects that its common stock will be quoted on the Pink Sheets platform or another market operated by OTC Markets Group Inc. (the 鈥淥TC鈥). The Company intends to continue providing information to its stockholders and taking actions within its control to facilitate the quoting of its common stock on the Pink Sheets or another OTC market, so that a trading market may continue to exist for its common stock. However, there is no guarantee that a broker will continue to make a market in the common stock or that trading of the common stock will continue on an OTC market or elsewhere.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including the anticipated savings from the elimination of SEC reporting obligations. The words 鈥渂elieve,鈥 鈥渕ay,鈥 鈥渆stimate,鈥 鈥渃ontinue,鈥 鈥渁nticipate,鈥 鈥渋ntend,鈥 鈥渟hould,鈥 鈥減lan,鈥 鈥渃ould,鈥 鈥渢arget,鈥 鈥減otential,鈥 鈥渋s likely,鈥 鈥渨ill,鈥 鈥渆xpect鈥 and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include an unfavorable resolution of the ongoing issues affecting Aspen University with the Arizona Board of Nursing. Other risks are included in our filings with the SEC including our Form 10-K for the year ended April 30, 2022 and other reports we have filed. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    About 澳门6合开彩开奖.

    澳门6合开彩开奖. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again. For more information, visit .听

    Contact Information:

    Hayden IR
    Kimberly Rogers
    (385) 831-7337


    Source: Aspen Group Inc. ]]>
    Aspen Group Reports Revenue of $17.1 million for Second Quarter Fiscal 2023 /news/detail/451/aspen-group-reports-revenue-of-17-1-million-for-second-quarter-fiscal-2023 Tue, 13 Dec 2022 16:01:00 -0500 /news/detail/451/aspen-group-reports-revenue-of-17-1-million-for-second-quarter-fiscal-2023
  • Restructuring plan increases year-over-year gross margin to 60% from 51%, and narrows net loss to $(2.3) million from $(2.9) million
  • Adjusted EBITDA of $0.5 million versus $(0.7) million in prior year quarter
  • Positive operating cash flow of $1.0 million versus $(1.0) million in prior year quarter
  • NEW YORK, Dec. 13, 2022 (GLOBE NEWSWIRE) -- 澳门6合开彩开奖. (Nasdaq: ASPU) (鈥淎GI鈥 or the 鈥淐ompany鈥), an education technology holding company, today announced financial results for its second quarter fiscal year 2023 ended October 31, 2022.

    Second Quarter Fiscal Year 2023 Summary Results

    Three Months Ended October 31, Six Months Ended October 31,
    2022 2021 2022 2021
    $ in millions, except per share data
    Revenue $ 17.1 $ 18.9 $ 36.0 $ 38.4
    Gross Profit1 $ 10.2 $ 9.7 $ 18.4 $ 20.1
    Gross Margin (%)1 60 % 51 % 51 % 52 %
    Net Income (Loss) $ (2.3 ) $ (2.9 ) $ (6.0 ) $ (3.7 )
    Earnings (Loss) per Share $ (0.09 ) $ (0.11 ) $ (0.24 ) $ (0.15 )
    EBITDA2 $ (0.6 ) $ (1.9 ) $ (2.8 ) $ (1.8 )
    Adjusted EBITDA2 $ 0.5 $ (0.7 ) $ (0.6 ) $ (0.2 )

    _______________________听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
    1 GAAP gross profit calculation includes marketing and promotional costs, instructional costs and services, and amortization expense of $0.5 million and $0.5 million, and $1.0 million and $0.9 million for the three and six months ended October 31, 2022 and 2021, respectively.
    2 Non-GAAP financial measures. See reconciliations of GAAP to non-GAAP financial measures under "Non-GAAPFinancial Measures" starting on page 5.

    鈥淲e are encouraged by our second quarter results which reflect the impact of reduced marketing and general and administrative spend as part of our restructuring initiative that we launched in the prior quarter,鈥 said Michael Mathews, Chairman, and CEO of AGI. 鈥淕ross margin improved by 900 basis points on lower revenue, and we narrowed our net loss and delivered positive adjusted EBITDA. USU鈥檚 revenue grew 9%, due to continued strong demand for the MSN-FNP program, which helped to offset the expected decline in AU revenue coming from the teach-out of our BSN pre-licensure program and lower marketing spend.鈥

    鈥淭he restructuring initiated in the first quarter of fiscal year 2023 reduced cash used in operations in the second quarter by $4.6 million, enabling AGI to generate positive operating cash flow of $1 million,鈥 continued Mr. Mathews. 鈥淎t the end of Q2, we issued an 8-K stating that AGI and the Arizona State Board for Private Postsecondary Education entered into a revised stipulated agreement that reduces AU鈥檚 surety bond requirement from $18.3 million to $5.5 million and requires a teach-out of the core component of the pre-licensure program, among other requirements. As a result, our surety bond provider has recently agreed to return $1.5 million of the $5 million cash previously being held as collateral, providing additional cash for operations.鈥

    Mr. Mathews concluded, 鈥淎s previously stated, we engaged Lampert Capital Advisors to assist with securing an accounts receivable (AR) financing agreement. After conducting due diligence on our accounts receivable, Lampert has begun outreach to prospective lenders.鈥

    Fiscal Q2 2023 Financial and Operational Results (compared to Fiscal Q2 2022)

    Revenue decreased by 10% to $17.1 million compared to $18.9 million. The following table presents the Company鈥檚 revenue, both per-subsidiary and total:

    Three Months Ended October 31,
    2022
    $ Change % Change 2021
    AU $ 听听听听听听听听10,341,903 $ 听听听听听听听听(2,416,948 ) (19)% $ 听听听听听听听听12,758,851
    USU 听听听听听听听听6,732,644 听听听听听听听听551,284 9% 听听听听听听听听6,181,360
    Revenue $ 听听听听听听听听17,074,547 $ 听听听听听听听听(1,865,664 ) (10)% $ 听听听听听听听听18,940,211


    AU revenue decreased by $2.4 million or 19% in Fiscal Q2 2023 compared to Fiscal Q2 2022, with the pre-licensure program accounting for $0.5 million of the decrease. The remainder of the decrease is primarily due to lower post-licensure enrollments attributed to lower marketing spend related to the restructuring initiated in Fiscal Q1 2023. The active student body at AU decreased from 11,184 at October 31, 2021 to 7,973 at October 31, 2022.

    USU revenue increased 9% compared to Fiscal Q2 2022 due primarily to USU's MSN-FNP program, the USU post-licensure degree program with the highest concentration of students and the highest LTV. The active student body at USU decreased from 3,134 at October 31, 2021 to 2,984 at October 31, 2022.

    GAAP gross profit increased 6% to $10.2 million in Fiscal Q2 2023 compared to $9.7 million Fiscal Q2 2022, and sequentially 25% from $8.2 million in Fiscal Q1 2023. The increases were primarily due to lower cost of revenue associated with the marketing spend decrease to $0.8 million in Fiscal Q2 2023, down from $4.0 million in Fiscal Q2 2022 and $4.5 million in Fiscal Q1 2023. The reduction in marketing spend is part of the Company鈥檚 Fiscal Q2 2023 restructuring initiatives.

    Gross margin was 60% compared to 51% in Fiscal Q2 2022 and 43% in Fiscal Q1 2023. AU gross margin was 60% versus 50%, and USU gross margin was 67% versus 58%.

    During Fiscal Q2 2023, AU instructional costs and services represented 34% of AU revenue, and USU instructional costs and services represented 29% of USU revenue. During Fiscal Q2 2023, AU marketing and promotional costs represented 2% of AU revenue, while USU marketing and promotional costs represented 3% of USU revenue.

    The following tables present the Company鈥檚 net (loss) income, both per subsidiary and total:

    Three Months Ended October 31, 2022
    Consolidated AGI Corporate AU USU
    Net (loss) income $ 听听听听听听听听(2,293,640 ) $ 听听听听听听听听(5,150,209 ) $ 听听听听听听听听1,067,885 $ 听听听听听听听听1,788,684
    Net loss per share $ 听听听听听听听听(0.09 )


    Three Months Ended October 31, 2021
    Consolidated AGI Corporate AU USU
    Net (loss) income $ 听听听听听听听听(2,852,258 ) $ 听听听听听听听听(5,059,164 ) $ 听听听听听听听听1,329,813 $ 听听听听听听听听877,093
    Net loss per share $ 听听听听听听听听(0.11 )


    Net loss decreased 20% to $(2.3) million in Fiscal Q2 2023 compared to a loss of $(2.9) million Fiscal Q2 2022. The decrease was primarily due to the improvement in the gross margin. Also included in the Fiscal Q2 2023 net loss are spend reductions of approximately $4.5 million related to the restructuring plan implemented in Fiscal Q2 2023 consisting of a $3.7 million decrease in marketing spend and a $0.8 million decrease is general and administrative and other spend. Offsetting the Fiscal Q2 2023 decrease in general and administrative spend related to the restructuring are increases in stock compensation costs due to the reversal of expense for performance awards in Fiscal Q1 2022 and costs related to regulatory matters. Included in the AGI net loss is interest expense of $0.7 million compared to $0.1 million. The Fiscal Q2 2023 interest expense includes a 1% commitment fee of $0.2 million on the undrawn 2022 Revolving Credit Facility, which will not repeat in subsequent quarters.

    The following tables present the Company鈥檚 Non-GAAP measures, both per subsidiary and total. See reconciliations of GAAP to non-GAAP financial measures under 鈥淣on-GAAP鈥揊inancial Measures鈥 starting on page 5.

    Three Months Ended October 31, 2022
    Consolidated AGI Corporate AU USU
    EBITDA $(603,364) $(4,362,762) $1,852,192 $1,907,206
    EBITDA Margin (4)% NM 18% 28%
    Adjusted EBITDA $537,339 $(3,726,004) $2,114,530 $2,148,813
    Adjusted EBITDA Margin 3% NM 20% 32%


    Three Months Ended October 31, 2021
    Consolidated AGI Corporate AU USU
    EBITDA $(1,891,060) $(4,880,535) $2,013,581 $975,894
    EBITDA Margin (10)% NM 16% 16%
    Adjusted EBITDA $(715,148) $(4,149,243) $2,332,308 $1,101,787
    Adjusted EBITDA Margin (4)% NM 18% 18%


    Operating Metrics

    New Student Enrollments

    New student enrollments decreased 46% year-over-year from 2,380 to 1,290. Over the past five quarters, new student enrollments were impacted by the enrollment stoppage at our pre-licensure campuses and the reduction in marketing spend.

    Five quarters of new student enrollments are shown below:

    New Student Quarterly Enrollments
    Q2'22 Q3'22 Q4'22 Q1'23 Q2'23
    Aspen University 1,750 1,301 1,010 868 784
    USU 630 481 525 447 506
    Total 2,380 1,782 1,535 1,315 1,290


    New student enrollments, bookings and ARPU for Q2鈥23 versus Q2鈥22 are shown below (rounding differences may occur):

    Second Quarter Bookings1 and Average Revenue Per Enrollment (ARPU)1
    Q2'22 Enrollments
    Q2'22 Bookings 1 Q2'23 Enrollments
    Q2'23 Bookings 1 Percent Change Total Bookings & ARPU 1
    Aspen University 1,750 $ 26,134,500 784 $ 8,450,250
    USU 630 $ 11,226,600 506 $ 听听听听听听听听9,016,920
    Total 2,380 $ 37,361,100 1,290 $ 17,467,170 听听听听听听听听(53 ) %
    ARPU $ 15,698 $ 13,540 听听听听听听听听听听听听听听听 (14 ) %

    _____________________
    1 鈥淏ookings鈥 are defined by multiplying Lifetime Value (LTV) by new student enrollments for each operating unit. 鈥淎verage Revenue Per Enrollment鈥 (ARPU) is defined by dividing total Bookings by total new student enrollments for each operating unit.

    Total Active Student Body

    AGI's active degree-seeking student body, including AU and USU, declined 23% year-over-year to 10,957 from 14,318. AU's total active student body decreased by 29% year-over-year to 7,973 from 11,184. On a year-over-year basis, USU's total active student body decreased by 5% to 2,984 from 3,134.

    Five quarters of total active student body is shown below:

    Total Active Student Body by Quarter
    Q2'22 Q3'22 Q4'22 Q1'23 Q2'23
    Aspen University 11,184 10,736 10,225 9,133 7,973
    USU 3,134 2,988 3,109 2,915 2,984
    Total 14,318 13,724 13,334 12,048 10,957


    Nursing Students

    Students seeking nursing degrees were 9,392, or 86% of total active students at both universities. Of the students seeking nursing degrees, 8,269 are RNs studying to earn an advanced degree, including 5,517 at Aspen University and 2,752 at USU. In contrast, the remaining 1,123 nursing students are enrolled in Aspen University鈥檚 BSN Pre-Licensure program. The majority of the year-over-year Aspen University nursing student body decrease is a result of the enrollment stoppage and teach out of the pre-licensure program and the $3.1 million reduction in marketing spend in the second quarter of fiscal 2023 as compared to the same quarter of fiscal 2022.

    Nursing Student Body by Quarter
    Q2'22 Q3'22 Q4'22 Q1'23 Q2'23
    Aspen University 9,531 9,116 8,632 7,686 6,640
    USU 2,911 2,773 2,890 2,708 2,752
    Total 12,442 11,889 11,522 10,394 9,392


    Liquidity

    At October 31, 2022, the Company had unrestricted cash of $2.3 million and restricted cash of $6.4 million. The restricted cash balance includes $5 million for an approximately $18.3听million surety bond required by the Arizona State Board for Postsecondary Education, which was reduced to $5.5 million on October 31, 2022 in a revised stipulated agreement.

    In a subsequent event following the close of the quarter on October 31, 2022, the surety bond firm recently agreed to return to the Company $1.5 million of the $5 million restricted cash they were holding as collateral for the bond, which will be used for general operating purposes.

    Cash flow used in operations for the six months ended October 31, 2022 was $2.6 million. Approximately $2.3 million of cash used in operations is attributed to our EBITDA loss and $0.3 million is attributed to changes in working capital primarily related to increases in short-term and long-term monthly payment plan accounts receivable and deferred revenue. Management believes the Company is positioned to generate positive operating cash flow in the second half of fiscal 2023 as a result of the restructuring plan initiated late in the first quarter of fiscal 2023.

    Conference Call

    澳门6合开彩开奖. will host a conference call to discuss its second quarter fiscal year 2023 results on Tuesday, December 13, 2022, at 4:30 pm ET. 澳门6合开彩开奖. will issue a press release reporting results after the market closes on that day. The conference call can be accessed by dialing toll-free (877) 704-4453 (U.S.) or (201) 389-0920 (International), passcode 13734314.

    Subsequent to the call, a transcript of the audio cast will be available from the Company鈥檚 website at www.aspu.com. A dial-in replay will be available starting at 7:30 pm ET on December 13, 2022 through 11:59 pm ET on December 20, 2022, which can be accessed by dialing toll-free (844) 512-2921 (U.S.) or (412) 317-6671 (International), passcode 13734314.

    For additional information on the financial statements and performance, please refer to the 澳门6合开彩开奖. Form 10-Q for the second quarter of fiscal year 2023 and Q2 2023 Financial Results Presentation published on the Company鈥檚 website at , on the Presentations page under Company Info.

    Non-GAAP 鈥 Financial Measures

    This press release includes both financial measures in accordance with Generally Accepted Accounting Principles, or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company鈥檚 performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental to, and should not be considered as alternatives to net income (loss), operating income (loss), and cash flow from operating activities, liquidity or any other financial measures. They may not be indicative of the historical operating results of AGI nor are they intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP.

    Our management uses and relies on EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. We believe that management, analysts, and shareholders benefit from referring to the following non-GAAP financial measures to evaluate and assess our core operating results from period-to-period after removing the impact of items that affect comparability. Our management recognizes that the non-GAAP financial measures have inherent limitations because of the excluded items described below.

    We have included a reconciliation of our non-GAAP financial measures to the most comparable financial measures calculated in accordance with GAAP. We believe that providing the non-GAAP financial measures, together with the reconciliation to GAAP, helps investors make comparisons between AGI and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measure and the corresponding GAAP measure provided by each company under applicable rules of the Securities and Exchange Commission (the 鈥淪EC鈥).

    AGI defines Adjusted EBITDA as EBITDA excluding: (1) bad debt expense; (2) stock-based compensation; and (3) non-recurring charges.

    The following table presents a reconciliation of net loss to EBITDA and Adjusted EBITDA and of net income (loss) margin to the Adjusted EBITDA margin:

    Three Months Ended October 31, Six Months Ended October 31,
    2022 2021 2022 2021
    Net loss $ 听听听听听听听听(2,293,640 ) $ 听听听听听听听听(2,852,258 ) $ 听听听听听听听听(6,008,611 ) $ 听听听听听听听听(3,723,146 )
    Interest expense, net 听听听听听听听听708,705 听听听听听听听听138,064 听听听听听听听听1,289,285 听听听听听听听听170,196
    Taxes 听听听听听听听听46,501 听听听听听听听听5,900 听听听听听听听听76,822 听听听听听听听听156,910
    Depreciation and amortization 听听听听听听听听935,070 听听听听听听听听817,234 听听听听听听听听1,856,178 听听听听听听听听1,596,643
    EBITDA 听听听听听听听听(603,364 ) 听听听听听听听听(1,891,060 ) 听听听听听听听听(2,786,326 ) 听听听听听听听听(1,799,397 )
    Bad debt expense 听听听听听听听听450,000 听听听听听听听听350,000 听听听听听听听听800,000 听听听听听听听听700,000
    Stock-based compensation 听听听听听听听听458,336 听听听听听听听听722,158 听听听听听听听听504,666 听听听听听听听听1,264,870
    Non-recurring charges - Severance 听听听听听听听听鈥 听听听听听听听听鈥 听听听听听听听听125,000 听听听听听听听听19,665
    Non-recurring charges (income) - Other 听听听听听听听听232,367 听听听听听听听听103,754 听听听听听听听听717,299 听听听听听听听听(394,366 )
    Adjusted EBITDA $ 537,339 $ 听听听听听听听听(715,148 ) $ 听听听听听听听听(639,361 ) $ 听听听听听听听听(209,228 )
    Net loss Margin (13 ) % (15 ) % (17 ) % (10 ) %
    Adjusted EBITDA Margin 3 % (4 ) % (2 ) % (1 ) %


    The following tables present a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA and of net income (loss) margin to the Adjusted EBITDA margin by business unit:

    Three Months Ended October 31, 2022
    Consolidated AGI Corporate AU USU
    Net income (loss) $ 听听听听听听听听(2,293,640 ) $ 听听听听听听听听(5,150,209 ) $ 听听听听听听听听1,067,885 $ 听听听听听听听听1,788,684
    Interest expense, net 听听听听听听听听708,705 听听听听听听听听710,237 听听听听听听听听(1,239 ) 听听听听听听听听(293 )
    Taxes 听听听听听听听听46,501 听听听听听听听听8,350 听听听听听听听听27,776 听听听听听听听听10,375
    Depreciation and amortization 听听听听听听听听935,070 听听听听听听听听68,860 听听听听听听听听757,770 听听听听听听听听108,440
    EBITDA 听听听听听听听听(603,364 ) 听听听听听听听听(4,362,762 ) 听听听听听听听听1,852,192 听听听听听听听听1,907,206
    Bad debt expense 听听听听听听听听450,000 听听听听听听听听鈥 听听听听听听听听225,000 听听听听听听听听225,000
    Stock-based compensation 听听听听听听听听458,336 听听听听听听听听404,391 听听听听听听听听37,338 听听听听听听听听16,607
    Non-recurring charges - Other 听听听听听听听听232,367 听听听听听听听听232,367 听听听听听听听听鈥 听听听听听听听听鈥
    Adjusted EBITDA $ 听听听听听听听听537,339 $ 听听听听听听听听(3,726,004 ) $ 听听听听听听听听2,114,530 $ 听听听听听听听听2,148,813
    Net income (loss) Margin (13 ) % NM 10 % 27 %
    Adjusted EBITDA Margin 3 % NM 20 % 32 %

    _____________________
    NM 鈥 Not meaningful

    Three Months Ended October 31, 2021
    Consolidated AGI Corporate AU USU
    Net income (loss) $ 听听听听听听听听(2,852,258 ) $ 听听听听听听听听(5,059,164 ) $ 听听听听听听听听1,329,813 $ 听听听听听听听听877,093
    Interest expense, net 听听听听听听听听138,064 听听听听听听听听139,239 听听听听听听听听(739 ) 听听听听听听听听(436 )
    Taxes 听听听听听听听听5,900 听听听听听听听听1,249 听听听听听听听听3,400 听听听听听听听听1,251
    Depreciation and amortization 听听听听听听听听817,234 听听听听听听听听38,141 听听听听听听听听681,107 听听听听听听听听97,986
    EBITDA 听听听听听听听听(1,891,060 ) 听听听听听听听听(4,880,535 ) 听听听听听听听听2,013,581 听听听听听听听听975,894
    Bad debt expense 听听听听听听听听350,000 听听听听听听听听鈥 听听听听听听听听250,000 听听听听听听听听100,000
    Stock-based compensation 听听听听听听听听722,158 听听听听听听听听672,967 听听听听听听听听23,298 听听听听听听听听25,893
    Non-recurring charges - Other 听听听听听听听听103,754 听听听听听听听听58,325 听听听听听听听听45,429 听听听听听听听听鈥
    Adjusted EBITDA $ 听听听听听听听听(715,148 ) $ 听听听听听听听听(4,149,243 ) $ 听听听听听听听听2,332,308 $ 听听听听听听听听1,101,787
    Net income (loss) Margin (15 ) % NM 10 % 14 %
    Adjusted EBITDA Margin (4 ) % NM 18 % 18 %


    Definitions

    Lifetime Value ("LTV") 鈥 is calculated as the weighted average total amount of tuition and fees paid by every new student that enrolls in the Company鈥檚 universities, after giving effect to attrition.

    Bookings 鈥 is defined by multiplying LTV by new student enrollments for each operating unit.

    Average Revenue per Enrollment ("ARPU") 鈥 is defined by dividing total bookings by total enrollments.

    Adjusted EBITDA Margin 鈥 is defined as Adjusted EBITDA divided by revenue. We believe Adjusted EBITDA margin is useful for management, analysts and investors as this measure allows for a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA margin has certain limitations in that it does not take into account the impact to our consolidated statement of operations of certain expenses.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including the expected impact of our efforts to reduce expenses, our ability to generate positive operating cash flow in the second half of fiscal 2023, continued strong demand for the MSN-FNP program, and our plans and efforts to locate and close an accounts receivable facility, and liquidity. The words 鈥渂elieve,鈥 鈥渕ay,鈥 鈥渆stimate,鈥 鈥渃ontinue,鈥 鈥渁nticipate,鈥 鈥渋ntend,鈥 鈥渟hould,鈥 鈥減lan,鈥 鈥渃ould,鈥 鈥渢arget,鈥 鈥減otential,鈥 鈥渋s likely,鈥 鈥渨ill,鈥 鈥渆xpect鈥 and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include management鈥檚 ability to navigate the challenges we face due to adverse regulatory developments and our ability to prepare and execute a viable business strategy following those events, the continued demand of nursing students for our programs, student attrition, national and local economic factors, competition from nursing schools in local markets, the competitive impact from the trend of major non-profit universities using online education and consolidation among our competitors, and the myriad of risks which may affect our ability to close an accounts receivable financing ranging from locating a willing lender to contractual difficulties including covenants which prevent us from closing a facility. Other risks are included in our filings with the SEC including our Form 10-K for the year ended April 30, 2022. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    About 澳门6合开彩开奖.

    澳门6合开彩开奖. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again.

    Investor Relations Contact

    Kim Rogers
    Managing Director
    Hayden IR
    385-831-7337听


    GAAP Financial Statements

    ASPEN GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS

    October 31, 2022 April 30, 2022
    (Unaudited)
    Assets
    Current assets:
    Cash and cash equivalents $ 听听听听听听听听2,306,480 $ 听听听听听听听听6,482,750
    Restricted cash 听听听听听听听听6,423,525 听听听听听听听听6,433,397
    Accounts receivable, net of allowance of $3,587,840 and $3,460,288, respectively 听听听听听听听听22,391,574 听听听听听听听听24,359,241
    Prepaid expenses 听听听听听听听听1,600,945 听听听听听听听听1,358,635
    Other current assets 听听听听听听听听775,524 听听听听听听听听748,568
    Total current assets 听听听听听听听听33,498,048 听听听听听听听听39,382,591
    Property and equipment:
    Computer equipment and hardware 听听听听听听听听1,573,046 听听听听听听听听1,516,475
    Furniture and fixtures 听听听听听听听听2,219,245 听听听听听听听听2,193,261
    Leasehold improvements 听听听听听听听听7,613,240 听听听听听听听听7,179,896
    Instructional equipment 听听听听听听听听756,568 听听听听听听听听715,652
    Software 听听听听听听听听10,990,705 听听听听听听听听10,285,096
    Construction in progress 听听听听听听听听鈥 听听听听听听听听2,100
    听听听听听听听听23,152,804 听听听听听听听听21,892,480
    Less: accumulated depreciation and amortization 听听听听听听听听(10,206,811 ) 听听听听听听听听(8,395,001 )
    Total property and equipment, net 听听听听听听听听12,945,993 听听听听听听听听13,497,479
    Goodwill 听听听听听听听听5,011,432 听听听听听听听听5,011,432
    Intangible assets, net 听听听听听听听听7,900,000 听听听听听听听听7,900,000
    Courseware, net 听听听听听听听听278,208 听听听听听听听听274,047
    Long-term contractual accounts receivable 听听听听听听听听16,335,657 听听听听听听听听11,406,525
    Deferred financing costs 听听听听听听听听331,423 听听听听听听听听369,902
    Operating lease right-of-use assets, net 听听听听听听听听14,271,481 听听听听听听听听12,645,950
    Deposits and other assets 听听听听听听听听536,517 听听听听听听听听578,125
    Total assets $ 听听听听听听听听91,108,759 $ 听听听听听听听听91,066,051


    ASPEN GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS (CONTINUED)

    October 31, 2022 April 30, 2022
    (Unaudited)
    Liabilities and 厂迟辞肠办丑辞濒诲别谤蝉鈥 Equity
    Liabilities:
    Current liabilities:
    Accounts payable $ 听听听听听听听听2,814,399 $ 听听听听听听听听1,893,287
    Accrued expenses 听听听听听听听听3,147,485 听听听听听听听听2,821,432
    Deferred revenue 听听听听听听听听8,772,017 听听听听听听听听5,889,911
    Due to students 听听听听听听听听3,165,651 听听听听听听听听4,063,811
    Operating lease obligations, current portion 听听听听听听听听2,204,342 听听听听听听听听2,036,570
    Other current liabilities 听听听听听听听听554,946 听听听听听听听听130,262
    Total current liabilities 听听听听听听听听20,658,840 听听听听听听听听16,835,273
    Long-term debt, net 听听听听听听听听14,904,556 听听听听听听听听14,875,735
    Operating lease obligations, less current portion 听听听听听听听听18,455,549 听听听听听听听听16,809,319
    Total liabilities 听听听听听听听听54,018,945 听听听听听听听听48,520,327
    Commitments and contingencies
    厂迟辞肠办丑辞濒诲别谤蝉鈥 equity:
    Preferred stock, $0.001 par value; 1,000,000 shares authorized, 0 issued and 0 outstanding at October听31, 2022 and April听30, 2022 听听听听听听听听鈥 听听听听听听听听鈥
    Common stock, $0.001 par value; 60,000,000 shares authorized, 25,460,849 issued and 25,305,363 outstanding at October听31, 2022 25,357,764 issued and 25,202,278 outstanding at April听30, 2022 听听听听听听听听25,461 听听听听听听听听25,358
    Additional paid-in capital 听听听听听听听听112,634,162 听听听听听听听听112,081,564
    Treasury stock (155,486 at both October听31, 2022 and April听30, 2022) 听听听听听听听听(1,817,414 ) 听听听听听听听听(1,817,414 )
    Accumulated deficit 听听听听听听听听(73,752,395 ) 听听听听听听听听(67,743,784 )
    Total stockholders鈥 equity 听听听听听听听听37,089,814 听听听听听听听听42,545,724
    Total liabilities and stockholders鈥 equity $ 听听听听听听听听91,108,759 $ 听听听听听听听听91,066,051


    ASPEN GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)

    Three Months Ended October 31, Six Months Ended October 31,
    2022 2021 2022 2021
    Revenue $ 听听听听听听听听17,074,547 $ 听听听听听听听听18,940,211 $ 听听听听听听听听35,968,460 $ 听听听听听听听听38,371,206
    Operating expenses:
    Cost of revenue (exclusive of depreciation and amortization shown separately below) 听听听听听听听听6,347,008 听听听听听听听听8,789,201 听听听听听听听听16,552,559 听听听听听听听听17,382,769
    General and administrative 听听听听听听听听10,883,118 听听听听听听听听11,641,312 听听听听听听听听21,415,138 听听听听听听听听22,587,789
    Bad debt expense 听听听听听听听听450,000 听听听听听听听听350,000 听听听听听听听听800,000 听听听听听听听听700,000
    Depreciation and amortization 听听听听听听听听935,070 听听听听听听听听817,234 听听听听听听听听1,856,178 听听听听听听听听1,596,643
    Total operating expenses 听听听听听听听听18,615,196 听听听听听听听听21,597,747 听听听听听听听听40,623,875 听听听听听听听听42,267,201
    Operating loss 听听听听听听听听(1,540,649 ) 听听听听听听听听(2,657,536 ) 听听听听听听听听(4,655,415 ) 听听听听听听听听(3,895,995 )
    Other income (expense):
    Interest expense 听听听听听听听听(710,372 ) 听听听听听听听听(139,502 ) 听听听听听听听听(1,291,665 ) 听听听听听听听听(173,041 )
    Other income (expense), net 听听听听听听听听3,882 听听听听听听听听(49,320 ) 听听听听听听听听15,291 听听听听听听听听502,800
    Total other (expense) income, net 听听听听听听听听(706,490 ) 听听听听听听听听(188,822 ) 听听听听听听听听(1,276,374 ) 听听听听听听听听329,759
    Loss before income taxes 听听听听听听听听(2,247,139 ) 听听听听听听听听(2,846,358 ) 听听听听听听听听(5,931,789 ) 听听听听听听听听(3,566,236 )
    Income tax expense 听听听听听听听听46,501 听听听听听听听听5,900 听听听听听听听听76,822 听听听听听听听听156,910
    Net loss $ 听听听听听听听听(2,293,640 ) $ 听听听听听听听听(2,852,258 ) $ 听听听听听听听听(6,008,611 ) $ 听听听听听听听听(3,723,146 )
    Net loss per share - basic and diluted $ 听听听听听听听听(0.09 ) $ 听听听听听听听听(0.11 ) $ 听听听听听听听听(0.24 ) $ 听听听听听听听听(0.15 )
    Weighted average number of common stock outstanding - basic and diluted 听听听听听听听听25,282,947 听听听听听听听听24,957,046 听听听听听听听听25,242,833 听听听听听听听听24,935,793


    ASPEN GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)

    Six Months Ended October 31,
    2022 2021
    Cash flows from operating activities:
    Net loss $ 听听听听听听听听(6,008,611 ) $ 听听听听听听听听(3,723,146 )
    Adjustments to reconcile net loss to net cash used in operating activities:
    Bad debt expense 听听听听听听听听800,000 听听听听听听听听700,000
    Depreciation and amortization 听听听听听听听听1,856,178 听听听听听听听听1,596,643
    Stock-based compensation 听听听听听听听听504,666 听听听听听听听听1,264,870
    Amortization of warrant-based cost 听听听听听听听听14,000 听听听听听听听听27,583
    Amortization of deferred financing costs 听听听听听听听听269,133 听听听听听听听听19,643
    Amortization of debt discounts 听听听听听听听听59,000 听听听听听听听听18,056
    Common stock issued for services 听听听听听听听听24,500 听听听听听听听听鈥
    Loss on asset disposition 听听听听听听听听鈥 听听听听听听听听36,442
    Non-cash lease benefit 听听听听听听听听(229,809 ) 听听听听听听听听(63,099 )
    Tenant improvement allowances received from landlords 听听听听听听听听418,280 听听听听听听听听816,591
    Changes in operating assets and liabilities:
    Accounts receivable 听听听听听听听听(3,761,463 ) 听听听听听听听听(7,699,220 )
    Prepaid expenses 听听听听听听听听(242,310 ) 听听听听听听听听(520,685 )
    Other current assets 听听听听听听听听(26,956 ) 听听听听听听听听47,901
    Accounts receivable, other 听听听听听听听听鈥 听听听听听听听听45,329
    Deposits and other assets 听听听听听听听听41,608 听听听听听听听听(15,357 )
    Accounts payable 听听听听听听听听921,112 听听听听听听听听636,136
    Accrued expenses 听听听听听听听听326,053 听听听听听听听听(268,088 )
    Due to students 听听听听听听听听(898,160 ) 听听听听听听听听472,159
    Deferred revenue 听听听听听听听听2,882,106 听听听听听听听听3,366,227
    Other current liabilities 听听听听听听听听424,685 听听听听听听听听(211,918 )
    Net cash used in operating activities 听听听听听听听听(2,625,988 ) 听听听听听听听听(3,453,933 )
    Cash flows from investing activities:
    Purchases of courseware and accreditation 听听听听听听听听(48,532 ) 听听听听听听听听(149,751 )
    Disbursements for reimbursable leasehold improvements 听听听听听听听听(418,280 ) 听听听听听听听听(816,591 )
    Purchases of property and equipment 听听听听听听听听(842,044 ) 听听听听听听听听(1,883,310 )
    Net cash used in investing activities 听听听听听听听听(1,308,856 ) 听听听听听听听听(2,849,652 )
    Cash flows from financing activities:
    Proceeds from sale of common stock, net of underwriter costs 听听听听听听听听9,535 听听听听听听听听鈥
    Payment of commitment fee for 2022 Credit Facility 听听听听听听听听(200,000 ) 听听听听听听听听鈥
    Payments of deferred financing costs 听听听听听听听听(60,833 ) 听听听听听听听听鈥
    Borrowings under the 2018 Credit Facility 听听听听听听听听鈥 听听听听听听听听5,000,000
    Proceeds from stock options exercised 听听听听听听听听鈥 听听听听听听听听56,034
    Net cash (used in) provided by financing activities 听听听听听听听听(251,298 ) 听听听听听听听听5,056,034


    ASPEN GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
    (Unaudited)

    Six Months Ended October 31,
    2022 2021
    Net decrease in cash, cash equivalents and restricted cash $ 听听听听听听听听(4,186,142 ) $ 听听听听听听听听(1,247,551 )
    Cash, cash equivalents and restricted cash at beginning of period 听听听听听听听听12,916,147 听听听听听听听听13,666,079
    Cash, cash equivalents and restricted cash at end of period $ 听听听听听听听听8,730,005 $ 听听听听听听听听12,418,528
    Supplemental disclosure cash flow information:
    Cash paid for interest $ 听听听听听听听听802,167 $ 听听听听听听听听98,904
    Cash paid for income taxes $ 听听听听听听听听22,522 $ 听听听听听听听听157,552
    Supplemental disclosure of non-cash investing and financing activities:
    Warrants issued as part of the 2018 Credit Facility amendment $ 听听听听听听听听鈥 $ 听听听听听听听听137,500


    The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying consolidated balance sheet to the total amounts shown in the accompanying unaudited consolidated statements of cash flows:

    October 31,
    2022 2021
    Cash and cash equivalents $ 听听听听听听听听2,306,480 $ 听听听听听听听听10,985,131
    Restricted cash 听听听听听听听听6,423,525 听听听听听听听听1,433,397
    Total cash, cash equivalents and restricted cash $ 听听听听听听听听8,730,005 $ 听听听听听听听听12,418,528



    Source: Aspen Group Inc. ]]>
    澳门6合开彩开奖. to Report Financial Results for the Second Quarter Fiscal Year 2023 on December 13, 2022 /news/detail/450/aspen-group-inc-to-report-financial-results-for-the-second-quarter-fiscal-year-2023-on-december-13-2022 Tue, 29 Nov 2022 16:01:00 -0500 /news/detail/450/aspen-group-inc-to-report-financial-results-for-the-second-quarter-fiscal-year-2023-on-december-13-2022 NEW YORK, Nov. 29, 2022 (GLOBE NEWSWIRE) -- 澳门6合开彩开奖. (鈥淎spen Group鈥 or 鈥淎GI鈥) (Nasdaq: ASPU), an education technology holding company, today announced that it will report financial results for the period ended October 31, 2022, on Tuesday, December 13, 2022, at 4:30 pm ET.

    Conference Call Information:

    澳门6合开彩开奖. will host a conference call to discuss its second quarter fiscal year 2023 results on Tuesday, December 13, 2022, at 4:30 pm ET. 澳门6合开彩开奖. will issue a press release reporting results after the market closes on that day.

    The conference call can be accessed by dialing toll-free (877) 704-4453 (U.S.) or (201) 389-0920 (International), passcode 13734314.

    Subsequent to the call, a transcript of the audio cast will be available from the Company鈥檚 website at .

    A dial-in replay will be available starting at 7:30 pm ET on December 13, 2022 through 11:59 pm ET on December 20, 2022, which can be accessed by dialing toll-free (844) 512-2921 (U.S.) or (412) 317-6671 (International), passcode 13734314.

    About 澳门6合开彩开奖.:

    澳门6合开彩开奖. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again. For more information, visit .

    Investor Relations Contact:

    Kimberly Rogers
    Hayden IR
    (385) 831-7337


    Source: Aspen Group Inc. ]]>
    澳门6合开彩开奖. Cancels Equity Distribution Agreement /news/detail/449/aspen-group-inc-cancels-equity-distribution-agreement Tue, 11 Oct 2022 16:01:00 -0400 /news/detail/449/aspen-group-inc-cancels-equity-distribution-agreement NEW YORK, Oct. 11, 2022 (GLOBE NEWSWIRE) -- 澳门6合开彩开奖. ("AGI") (Nasdaq: ASPU), an education technology holding company, today announced that the Company has canceled the Equity Distribution Agreement that it entered into on August 18, 2022 with Northland Securities, Inc.

    鈥淎s we discussed in our first quarter fiscal year 2023 earnings call, we implemented a restructuring plan to address the Company鈥檚 working capital requirements, reduce our cash burn and achieve our operational goals over the next 12 months,鈥 stated Michael Mathews, Chairman and CEO. 鈥淲e are encouraged by the results we are achieving thus far and have concluded that financing with the Equity Distribution Agreement is not needed at this time.鈥

    In parallel, AGI has engaged Lampert Capital Advisors to assist with securing an accounts receivable (AR) financing facility to provide working capital to position the Company for future growth among our online post-licensure nursing degree programs.

    Restructuring Plan

    There are two key components of the Company鈥檚 restructuring plan announced during its first quarter fiscal year 2023 earnings call on September 13, 2022. The restructuring plan is expected to result in spending reductions of $4.4 million in the second quarter of fiscal year 2023 and $4.9 million in the third and fourth quarters of fiscal year 2023.

    • First, the Company has scaled back marketing ad spend to a maintenance level of $150,000 per quarter. This action is expected to result in savings of $3.6 million in the second quarter of fiscal 2023 and $3.8 million in each of the third and fourth quarters of fiscal year 2023. The savings estimates are based on a normalized marketing ad spend run rate of $4.2 million per quarter.
    • Second, the Company eliminated approximately 70 positions mostly within G&A functions at Aspen University and AGI. As a result, additional savings of $750,000 in the second quarter of fiscal 2023 and $1.1 million in each of the third and fourth quarters of fiscal year 2023 are expected.

    The net result is an estimated savings of more than $14 million through the end of fiscal year 2023.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including the anticipated savings from the restructuring, reduction of our cash burn and our ability to close an AR facility. The words 鈥渂elieve,鈥 鈥渕ay,鈥 鈥渆stimate,鈥 鈥渃ontinue,鈥 鈥渁nticipate,鈥 鈥渋ntend,鈥 鈥渟hould,鈥 鈥減lan,鈥 鈥渃ould,鈥 鈥渢arget,鈥 鈥減otential,鈥 鈥渋s likely,鈥 鈥渨ill,鈥 鈥渆xpect鈥 and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and f